Pension funds are being swallowed up by charges and fees, according to a new report
The independent research, which has been forwarded on to the Labour Party, has found 3 per cent is deducted from the value of a pension fund every year
That would mean that if 100 thousand euro was put into a pension fund over 40 years, almost 60 thousand of that would be lost in fees.
Labour's finance spokesperson, Ged Nash, says it sounds like a small amount, but that it accumulates over time:
"Fees of one, two or three percent in terms of the management charge on the similar contribution fee, don't appear to be that much more curious of the over the years, it makes a massive dent in our pension savings and the pensions authority themselves, make it very clear on their own website that even an apparently small annual management charge come over time, eat up a big chunk of your funding."
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