UK Companies Selling Pensions Take 80 Percent in Fees and Commissions

Research carried out by the BBC has revealed that some pension-selling companies take as much as 80 percent in fees and commission from some of their private pension plans. The rip-off involves not merely rogue operators or a few isolated cases, but well known high street names such as HSBC, Legal and General, and the Co-Op.

None of the companies concerned disputed the BBC’s findings.

The BBC’s investigation makes it clear that working people have once again been sold a pup. These pension plans are almost worthless. The City of London is thoroughly deserving of its reputation as a bunch of swindlers, cheats and parasites, preying upon hard working families.'

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