That puff of smoke was your pension

Workers in the private sector saving for a pension are paying around £10m an hour – £80 million a day – in fees and commissions to the people who sold them their pension and are managing their money. You’d think that for the huge amount we pay, our pension savings would be growing healthily. But the opposite is true. Over the last week many of us will have seen our pension pots drop by up to 20%. Yet the parasites who have control of our money still pocket their £80m a day. For what?

Most of us will see about three quarters of any growth in our pension savings go into the welcoming pockets of other people. This makes saving for a reasonable pension almost impossible. Always eager to get their hands on our money, pension companies are forever claiming that we are not saving enough. But perhaps we are saving enough and it’s the massive amount we pay in fees and commissions which mean we never have much left for oursleves.