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Whereas SIPPs offer a transparent and low rate of account administration charges the same cannot be said for traditional pension schemes. A small sounding 3% annual management charge can erode the value of your final pension pot, for example, from £300,000 to just £150,000. Shocking isn’t it? Hidden charges and incentives for pension management teams to switch your pension monies in and out of various funds will allow them to earn money whilst you do not. The cumulative effect of ‘trail commission fees’ payable to the advisor who sold you the scheme over many, many years will also impact the… continue reading