Hidden Fees Cut Pension Payouts by 75 percent

Private pensions in Britain pay out on average half as much retirement income as equivalent schemes in Europe, the report says, with hidden costs blighting the retirement plans of millions.

The report, by David Pitt-Watson, one of the country's leading pension fund managers, and a team from the Royal Society for the Encouragement of Arts, Manufactures and Commerce, warns the Government that the system is in need of urgent reform to bring these costs down.

Earlier this year, The Daily Telegraph disclosed that a range of little-known fees and levies typically wiped more than £100,000 off the value of a middle-class worker's private pension.'

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