Wednesday, 17 December 2014

Pension charges over 3%

Independent body set up to look at high pension charges finds some pension savers in old schemes being charged more than 2% or even more than 3% a year.

Out of £67.5bn of pension savings looked at by the Independent Project Board set up by the Association of British Insurers in response to concern about high charges:

£42bn had charges under 1% a year
£25.8bn was exposed to over 1%
£13.4bn of that potentially exposed to over 1.5%
£8bn of that exposed to over 2%
And £0.9bn exposed to over 3% in annual charges.

The government is banning charges over 0.75% in NEW schemes from April next year.


  1. Hello Simon. I've just read an old post of yours on fake £1 coins because I was googling the Celtic Cross with pimpernel flower £1 coin to try to find out why the pimpernel is used as a symbol of Northern Ireland. Would you know why this is? To me the flower on the coin looks very like a flax flower which is often used as an NI symbol, due to the linen industry.