Pensions Hit by Fees and Commissions

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Byline: Neil Lancefield

PENSION companies are taking fees and commissions worth the equivalent of 80 per cent of money paid into some pension plans, according to an investigation released today.

BBC Panorama found that paying pounds 120,000 into one HSBC pension plan over 40 years would result in pounds 99,900 being taken out.

The Co-op Individual Personal Pension came in at second most expensive, with nearly pounds 96,000 in fees and commissions for the same amount and period.

While in third place was Legal and General's Co-funds Portfolio Pension, which would take out pounds 61,000.

The investigation used figures provided to the …