Consumers and investment advisers can now compare the details of more than 80 personal and stakehold...
Consumers and investment advisers can now compare the details of more than 80 personal and stakeholder pension products online following the launch this morning of the FSA's pensions comparative tables.
The FSA says the tables have been published because as state support diminishes and people live longer, making provision for retirement is becoming increasingly more important.
As comparative tables again do not take into account investment performance - as was the case with the unit-trust comparative tables - the information available is limited to charges, pricing structures and early redemption penalties to focus on:
·The effect of charges and deductions over the lifetime of a pension;
·How expensive it is to stop paying into a pension after just three years;
·Whether payments are invested in a unit-linked or with-profits fund;
·The number of free switches allowed each year between funds offered by the same provider, and
·Whether a provider charges if payments are increased, decreased or missed.
Christine Farnish, Consumer Director at the FSA said:
"There is no financial decision that is more important than buying a pension. Our latest Comparative Table makes it easy to see what sort of deal personal pension providers currently offer. It won't choose a pension for you but it does put some useful facts at your fingertips and will help people to draw up a shortlist of products to investigate further or talk to financial advisers about."
The two firms not included in these tables are St. James and Skandia.
Comparative tables covering the investment bonds, mortgage endowments and savings endowments sectors will be unveiled in the coming weeks, with the remaining product areas to be covered products next year.
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