Independent body set up to look at high pension charges finds some pension savers in old schemes being charged more than 2% or even more than 3% a year.
Out of £67.5bn of pension savings looked at by the Independent Project Board set up by the Association of British Insurers in response to concern about high charges:
£42bn had charges under 1% a year
£25.8bn was exposed to over 1%
£13.4bn of that potentially exposed to over 1.5%
£8bn of that exposed to over 2%
And £0.9bn exposed to over 3% in annual charges.
The government is banning charges over 0.75% in NEW schemes from April next year.