Savings are Cut By Half Due to Pension Fees
In the hope of ensuring people’s and their family’s future, many people, particularly Australians, are taking out personal pensions. However, what they are not aware about is that they are actually not getting much of their money’s worth because of these personal pension fees. It has been found out that such fees take up half of the savings an individual makes.
As reported by RSA, it thinks that customers who take out such type of pensions deserve to be given statements of account that are similar to those given by banks so that they can actually see the hidden charges. What is actually happening today is that people are caught unaware that they have to pay for taxes, stock-lending fees, as well as broking commissions.
Denmark should be a role model to these pension funds as it presents to its customers an annual report or account which takes the form of a bank account to present to them the savings they get from their investment.
What is even appalling is realizing that an extra 2 percent annual charge can actually cause a halved pension benefit in the long run.
It is clamored that a “statement before purchase” should be introduced so that those who would like to take pension loans may be made aware of the taxes and other charges that they would have to shoulder. Furthermore, the study by RSA revealed that currently costs are declared; however, this is not done in a way that is simple, clear, and understandable to the client.
It has been found out, in a separate study by the Seeing Through the British Pension System, that disappearing in fees is a large proportion of pensions in the form of charges that eat up almost 40 percent of the entire pension’s lifetime value.
“For markets to work effectively, consumers need to know what they are buying. It is extraordinary that, after so many years, such a system is not in place in this country,” said David Pitt Watson, a co-author of the study.
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