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Pension fees can leave you shortchanged Thumbnail

Pension fees can leave you shortchanged

by Fiona Reddan 

It’s somewhat shocking to realise that much of the tax relief you get for saving into a pension fund can be eaten up by the various charges and fees levied on that money by pension providers.

But this is what a report by the Department of Social Protection on charges in the industry found late last year – it revealed that the average annual charge of 2.18 per cent can diminish your final pension pot by as much as a third.

And the higher the charge, the more severe the impact.

As Marc Westlake notes, "a differential in fees of 1-2 per cent “absolutely kills you over 30 to 40 years”.

Although this is from 2013, nothing has really changed in the Irish Market since then

Read the article here