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