Providers rubbish claim 40% of pension funds lost in fees

David Pitt-Watson, founder and chairman of Hermes Equity, suggested UK pensions charge unreasonably high fees, making them a bad deal for consumers, in a report published today. However, industry experts disagree, arguing the pensions industry is very competitive and works to keep costs low for consumers. In a submission to the Royal Society for the Encouragement of the Arts, Manufactures and Commerce (RSA), Pitt-Watson called for pension charges to be reduced to similar levels to private pensions in other parts of Europe. He says the average pension obtained from an IFA charges an an...