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Why private pensions are a rip-off

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The Prophet:
The best thing about a private pension is the tax relief.  That is as good as it gets! 
The main pitfall is the charges levied by the industry. Most pension funds grew by just 4% over the last 30 years but the average fees are 2%-3%. So over half the gain is being swallowed up and lost by charges.

80% of private sector workers have less than £30,000 in their pension pot. Around 90% of all private sector workers would be better off NOT saving in a pension at all as they would then get pension credits and other means-tested benefits.

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