• Education
    • Higher Education
    • Scholarships & Grants
    • Online Learning
    • School Reforms
    • Research & Innovation
  • Lifestyle
    • Travel
    • Food & Drink
    • Fashion & Beauty
    • Home & Living
    • Relationships & Family
  • Technology & Startups
    • Software & Apps
    • Startup Success Stories
    • Startups & Innovations
    • Tech Regulations
    • Venture Capital
    • Artificial Intelligence
    • Cybersecurity
    • Emerging Technologies
    • Gadgets & Devices
    • Industry Analysis
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy
Today Headline
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
  • Home
  • World News
    • Us & Canada
    • Europe
    • Asia
    • Africa
    • Middle East
  • Politics
    • Elections
    • Political Parties
    • Government Policies
    • International Relations
    • Legislative News
  • Business & Finance
    • Market Trends
    • Stock Market
    • Entrepreneurship
    • Corporate News
    • Economic Policies
  • Science & Environment
    • Space Exploration
    • Climate Change
    • Wildlife & Conservation
    • Environmental Policies
    • Medical Research
  • Health
    • Public Health
    • Mental Health
    • Medical Breakthroughs
    • Fitness & Nutrition
    • Pandemic Updates
  • Sports
    • Football
    • Basketball
    • Tennis
    • Olympics
    • Motorsport
  • Entertainment
    • Movies
    • Music
    • TV & Streaming
    • Celebrity News
    • Awards & Festivals
  • Crime & Justice
    • Court Cases
    • Cybercrime
    • Policing
    • Criminal Investigations
    • Legal Reforms
No Result
View All Result
Today Headline
No Result
View All Result
Home World News Europe

UK savers penalised for failing to shop around

June 5, 2025
in Europe
Reading Time: 2 mins read
A A
0
Pile of UK pound coins
3
SHARES
6
VIEWS
Share on FacebookShare on Twitter


Stay informed with free updates

Simply sign up to the Financial services myFT Digest — delivered directly to your inbox.

UK savers pay higher pension fees and miss out on interest payments by failing to shop around, industry figures have warned.

More than 80 per cent of savers are unaware what they pay in pension fees, according to investment platform Interactive Investor.

At the same time, 80 per cent of the 8.3mn current accounts in the UK containing balances of £10,000 or more are earning zero interest, said Spring, a savings app.

Those failing to switch pension platforms when faced with higher administration costs for retirement pots could be left worse off when entering the “golden years”, said Craig Rickman, personal finance editor at Interactive Investor, an investment platform.

“It’s incredibly concerning that the majority of savers are still in the dark about what they’re paying in pension fees,” he said.

“The tricky part for savers is that while portability of pensions means you can switch to somewhere else that provides better value, many don’t know how much their current providers charge. They have no idea whether their existing pensions offer fair value,” he added.

Consumers often fail to grasp the cost of pension plans due to the various fees, including account and exit fees. The more a person invests, the more fees increase, which eats away at savings, said Interactive Investor.

In addition, consumers fail to benefit from interest payments by keeping money in current accounts instead of switching to savings accounts such as Isas, according to Spring.

“We see too many savers leaving their money in poor paying accounts with their current account provider,” said Derek Sprawling, managing director of savings at Spring.

“Many are sitting on sizeable balances that could be earning them a great rate of return elsewhere. Current accounts are not designed as savings vehicles.”

Some consumers fear losing easy access to money by moving to savings accounts, in particular those that impose restrictions, said Spring.

Accounts offering higher savings rates often limit access to funds, with penalties if money is withdrawn.

“While many like the idea of keeping some money in their current account for emergencies, having a balance in a no or low interest paying account risks that cash asset not being considered as an asset at all,” Sprawling added.

Overall, despite 45 per cent of investors across all forms of investments saying they would switch platforms in order to pay lower fees, only 7 per cent check the costs before opening a new account, Interactive Investor added.

“It’s clear we have glaring pension engagement gaps in the UK — but these blind spots around fees are particularly worrying. Even though we can’t control the market, you can control how much you pay to invest,” said Camilla Esmund, senior manager at the group.

“This issue is broader than pensions alone. Unfortunately, it is not always easy for consumers to clearly see the costs associated with their investments — not least the platform charge. But it is well worth consumers checking how much they are paying.”

 



Source link

Previous Post

Vietnam scraps two-child policy to combat falling birthrate

Next Post

Marcos orders swift medical assistance to persons with HIV

Related Posts

Friedrich Merz with Donald Trump at the White House on Thursday

Friedrich Merz underlines Germany’s long-term reliance on US after positive Donald Trump meeting

June 6, 2025
3
A woman outside a branch of UBS in Renens, Switzerland

Switzerland proposes forcing UBS to add $18bn in capital

June 6, 2025
5
Next Post
Marcos orders swift medical assistance to persons with HIV

Marcos orders swift medical assistance to persons with HIV

  • Trending
  • Comments
  • Latest
Family calls for change after B.C. nurse dies by suicide after attacks on the job

Family calls for change after B.C. nurse dies by suicide after attacks on the job

April 2, 2025
Pioneering 3D printing project shares successes

Product reduces TPH levels to non-hazardous status

November 27, 2024

Hospital Mergers Fail to Deliver Better Care or Lower Costs, Study Finds todayheadline

December 31, 2024

Police ID man who died after Corso Italia fight

December 23, 2024
Harris tells supporters 'never give up' and urges peaceful transfer of power

Harris tells supporters ‘never give up’ and urges peaceful transfer of power

0
Des Moines Man Accused Of Shooting Ex-Girlfriend's Mother

Des Moines Man Accused Of Shooting Ex-Girlfriend’s Mother

0

Trump ‘looks forward’ to White House meeting with Biden

0
Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

Catholic voters were critical to Donald Trump’s blowout victory: ‘Harris snubbed us’

0

Guliyev to lose 2012 Olympic medal after appeal of ban dismissed todayheadline

June 6, 2025
Hiring is slowing but still solid, with 139,000 jobs added in May

Hiring is slowing but still solid, with 139,000 jobs added in May todayheadline

June 6, 2025

US issues new Iran-related sanctions, Treasury website shows todayheadline

June 6, 2025

What Is the Analemma? | Scientific American todayheadline

June 6, 2025

Recent News

Guliyev to lose 2012 Olympic medal after appeal of ban dismissed todayheadline

June 6, 2025
1
Hiring is slowing but still solid, with 139,000 jobs added in May

Hiring is slowing but still solid, with 139,000 jobs added in May todayheadline

June 6, 2025
1

US issues new Iran-related sanctions, Treasury website shows todayheadline

June 6, 2025
2

What Is the Analemma? | Scientific American todayheadline

June 6, 2025
5

TodayHeadline is a dynamic news website dedicated to delivering up-to-date and comprehensive news coverage from around the globe.

Follow Us

Browse by Category

  • Africa
  • Asia
  • Basketball
  • Business & Finance
  • Climate Change
  • Crime & Justice
  • Cybersecurity
  • Economic Policies
  • Elections
  • Entertainment
  • Entrepreneurship
  • Environmental Policies
  • Europe
  • Football
  • Gadgets & Devices
  • Health
  • Medical Research
  • Mental Health
  • Middle East
  • Motorsport
  • Olympics
  • Politics
  • Public Health
  • Relationships & Family
  • Science & Environment
  • Software & Apps
  • Space Exploration
  • Sports
  • Stock Market
  • Technology & Startups
  • Tennis
  • Travel
  • Uncategorized
  • Us & Canada
  • Wildlife & Conservation
  • World News

Recent News

Guliyev to lose 2012 Olympic medal after appeal of ban dismissed todayheadline

June 6, 2025
Hiring is slowing but still solid, with 139,000 jobs added in May

Hiring is slowing but still solid, with 139,000 jobs added in May todayheadline

June 6, 2025
  • Education
  • Lifestyle
  • Technology & Startups
  • About us
  • Contact
  • Advertise with Us
  • Privacy & Policy

© 2024 Todayheadline.co

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business & Finance
  • Corporate News
  • Economic Policies
  • Entrepreneurship
  • Market Trends
  • Crime & Justice
  • Court Cases
  • Criminal Investigations
  • Cybercrime
  • Legal Reforms
  • Policing
  • Education
  • Higher Education
  • Online Learning
  • Entertainment
  • Awards & Festivals
  • Celebrity News
  • Movies
  • Music
  • Health
  • Fitness & Nutrition
  • Medical Breakthroughs
  • Mental Health
  • Pandemic Updates
  • Lifestyle
  • Fashion & Beauty
  • Food & Drink
  • Home & Living
  • Politics
  • Elections
  • Government Policies
  • International Relations
  • Legislative News
  • Political Parties
  • Africa
  • Asia
  • Europe
  • Middle East
  • Artificial Intelligence
  • Cybersecurity
  • Emerging Technologies
  • Gadgets & Devices
  • Industry Analysis
  • Basketball
  • Football
  • Motorsport
  • Olympics
  • Climate Change
  • Environmental Policies
  • Medical Research
  • Science & Environment
  • Space Exploration
  • Wildlife & Conservation
  • Sports
  • Tennis
  • Technology & Startups
  • Software & Apps
  • Startup Success Stories
  • Startups & Innovations
  • Tech Regulations
  • Venture Capital
  • Uncategorized
  • World News
  • Us & Canada
  • Public Health
  • Relationships & Family
  • Travel
  • Research & Innovation
  • Scholarships & Grants
  • School Reforms
  • Stock Market
  • TV & Streaming
  • Advertise with Us
  • Privacy & Policy
  • About us
  • Contact

© 2024 Todayheadline.co