Whose pension are you paying?

Many people are unknowingly putting more money into their pension fund managers’ pensions than they are into their own. This is not a smart thing to do unless they want to be poor when they retire. A person saving �5,000 a year into their pension for 35 years (�175,000 in all) will see their money grow by about �52,000 to �227,000. But they will pay around �96,000 to their pension fund manager in charges, giving their pension fund manager almost twice as much as they get for themselves

This is very generous, but means most ordinary�savers will have much smaller pensions than those who manage their pension funds.

�

However, we are even more generous to MPs, public-sector managers, local council bosses�and senior civil servants. Any of us would have to save over �50,000 a year into our pension funds to get the same pension as we give them.

If you want to avoid making other people rich at your expense, you could invest �8.99 or less and buy a copy of my latest book Pillaged! How they are looting �413 million a day from our savings and pensions….and what to do about it