Hidden costs and charges
Money Box
BBC
4.2 • 825 Ratings
🗓️ 12 December 2018
⏱️ 29 minutes
🧾️ Download transcript
Summary
You may not have heard of some of them; transaction charges, custody charges, collateral management costs, but these hidden pensions costs can have a real effect on your savings over the years.
It's been estimated that charges - including a notional 1% which are hidden - could destroy a quarter of the value of a pension over 30 years.
Why, when they matter so much, is it so hard to get the full picture and what can you do about it?
Share your experience. Call us on 03700 100 444, email moneybox@bbc.co.uk or tweet @moneybox. Lines open from 1pm on Wednesday 12 December. You can also email moneybox@bbc.co.uk or tweet @moneybox
Panel guests: Chris Sier, academic and transparency campaigner Michelle Cracknell, The Pensions Advisory Service Jeff Houston, Secretary of the Advisory Board to the Local Govt Pension scheme
Presenter: Lesley Curwen Producer: Alex Lewis Editor: John Murphy
Transcript
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| 0:00.0 | In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers. |
| 0:08.0 | But the man who often found, tortured and sometimes killed these people on behalf of the IRA |
| 0:12.0 | was himself an informer, a secret British army agent with the codename Stakeknife. |
| 0:18.0 | Who gets to play God? And why me? Why my family? |
| 0:21.4 | When lies are still being told to this day, who do you believe? |
| 0:25.1 | I wouldn't even know where to start, and I'm with the IRA. |
| 0:28.5 | Steakknife. |
| 0:29.7 | Listen first on BBC Sounds. |
| 0:33.8 | BBC Sounds, music, radio, podcasts. |
| 0:37.6 | Thanks for downloading this program. |
| 0:39.4 | We've just finished making it. |
| 0:40.5 | I've just seen the guests leave the studio. |
| 0:43.1 | This is something that I've been looking into for a long time. |
| 0:46.2 | It's about pensions and their charges. |
| 0:49.2 | But on top of all the charges you thought you were paying, |
| 0:52.6 | it turns out there are even more. I hope you |
| 0:56.0 | enjoy it. Hello. Today we want to lift the lid on the hidden costs and charges which lie under |
| 1:02.0 | the surface of our pensions and investments, rather like an iceberg. You may not have heard of |
| 1:07.2 | some of them, transaction charges, custody charges, brokers commission, foreign exchange |
| 1:11.8 | fees, I could go on, but they have a real effect on your savings over the years. It's been |
| 1:18.1 | estimated that extra undeclared charges of 1% a year, along with other explicit charges of 1% |
| 1:24.8 | could destroy a quarter of the value of a pension over 30 years. |
... |
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