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PANORAMA – Who stole our pensions?

This was obviously a programme that I had to watch – after all this is a subject that is dear to our hearts and I was keen to find out what their investigation had unveiled.

Panorama is known for highlighting the worst of any industry and I needed to be prepared for any calls to us following the programme.

The programme highlighted the fees and commissions that are taken from pension pots and the effect these have on the eventual fund left over to provide an income in retirement. It named and shamed various Pension Providers’ funds and some Insurance Companies did not come out very well at all.

This was obviously a programme that I had to watch – after all this is a subject that is dear to our hearts and I was keen to find out what their investigation had unveiled.

Panorama is known for highlighting the worst of any industry and I needed to be prepared for any calls to us following the programme.

The programme highlighted the fees and commissions that are taken from pension pots and the effect these have on the eventual fund left over to provide an income in retirement. It named and shamed various Pension Providers’ funds and some Insurance Companies did not come out very well at all.

Yes, there are fees taken for managing Pension Funds, but you need know what those charges are and more importantly you need to be sure that the funds you are using are giving you a better return that lower charged funds.

I know I am in the industry and would say this, but the overriding lesson from this programme is TO REVIEW YOUR PENSION REGULARLY. The programme highlighted individuals who had been saving in one plan for over 25 years who had no idea what their pension funds were charging and whose funds were continuously underperforming.

It is no good waiting until you retire to find out that the fund you have been paying charges on has not been growing at all.

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