Is your future pension being wiped out by charges? Easy trick to save thousands

Credit: Getty YOUR pension pot could be secretly shrinking thanks to sky-high fees, according to specialists Pense. Some wealth managers charge annual fees between 1% and 2% every single year – which could be costing you thousands of pounds without you even realising it. Speak to Pense to find out how to take your pension On a pension pot of £100,000, it could cost you £1,000 to £2,000 annually in fees alone. Sign up for the Money newsletter Thank you! As your pension pot grows, these charges compound, draining tens ofthousands from your eventual retirement fund. According to Pense, if your pension is with a typical ‘market leader’, your fees could likely be nearly halved by switching providers. And it isn’t just an issue while you’re building your nest egg—many platforms continue applying these charges once you start taking income in retirement. Switching to a lower-cost platform means your hard-earned money could last significantly longer. The Pense pension switch Pense offers pension advice for people with pots of all sizes. While switching may be the key to saving, doing it alone can be tricky. Some providers may charge exit fees, while older policies may holdvaluable guarantees you shouldn’t give up. That’s where Pense comes in. They have created a simple, hassle-free way to uncover what you’re really paying: Fill out a quick online form: Give Pense permission to look under thehood of your current plan Whole-of-market comparison: Pense will analyse your currentpension performance, fees and charges and attitude to risk Get a clear cost report: An adviser will send you a personalisedbreakdown showing exactly what you pay now versus how much youcould save in charges by switching Unlike traditional wealth management firms that take a percentage cut of your growing pot, Pense charges a flat, capped fee capped at £750 a year for ongoing advice. As your money grows, your fee stays put. Best of all, you won’t be charged a fee for the initial call to see if switching could be suitable and if savings are available. Is switching right for me? Switching isn’t the right move for everyone. Older pension schemes sometimes feature valuable benefits, such asGuaranteed Annuity Rates, that are lost if you transfer. Pense automatically checks your existing policies for these hidden perks and exit fees before you make any decisions, ensuring you don’t lose out on any valuable benefits. Alternatively, Pense will check for any lost benefits for you. Expert advice for every step of retirement Saving and investing towards retirement is one challenge. But once youbelieve you’re ready to retire, deciding how to take your money is important too. Deciding how to access your pension is just as crucial as growing it.Whether you are considering an annuity for a guaranteed income for life or flexible income drawdown, Pense provides bespoke advice tailored to your goals. Find out how much you can save on your pension plan with Pense Where to get additional advice Launched by the government in 2015, PensionWise is a free service which offers impartial guidance to over-50’s approaching retirement. This comes in the form of a one-hour consultation: you’ll need to know your type of pension, its value, and your entitlement to a state pension ahead of time. The consultation will cover points such as whether you should delay access to your pension, whether you should consider a form of guaranteed income in an annuity, or if you should withdraw from your pot in one go. The session with one of PensionWise’s members takes place on the phone, although there are limited spaces for in-person appointments at selected Citizen’s Advice offices.