Feb 4 2008
People saving for retirement around the UK have been urged to familiarise themselves with the charges relating to their choice of pension vehicle.
According to recent research by Fidelity International, close to third of Britons who pay into a self-invested personal pension or a stakeholder pension do not know how much they are being charged to save.
In addition, the study by the financial services firm found that a third of people did not consider the issue of charges when choosing a retirement savings vehicle and thousands of consumers feel that the fees they pay are too high.
"Most people would not dream of paying over the odds for their gas bill or their car insurance, yet a pension, as one of the most important pieces of financial planning you will ever do, is often overlooked," said David Dalton-Brown, head of Fidelity Funds Network.
Research carried out on behalf of Scottish Widows recently discovered that around a third of people currently saving for retirement in the UK would consider the option living abroad when they end their working lives.
