Sky-high fees destroying savings

Although charges levied by pension and investment companies have dropped dramatically over the years as politicians and regulators take aim at excessive rates, sky high fees are still rife, particularly on policies sold in the eighties and nineties.

The outlawing of commission taken by financial advisers and a 0.75pc cap on workplace pension charges have saved investors millions.

However, some fees are still so steep that they are projected by the providers themselves to eat up all investment growth.