More than £20 billion of savings and investments are snatched from pensions, unit trusts, endowments and other products every year in charges, according to Money Mail analysis.
Typical funds levy a total annual charge of just under 1.7 per cent, but some are twice this. Pensions - particularly older contracts - can be even more expensive, with some savers seeing their first year’s contributions disappear in charges.
David Hollowell and his family has seen his pension hit as it's revealed firms snatch £20billion in hidden fees and charges
Analysis for the Royal Society for the Encouragement of Arts by David Pitt-Watson found that the cost of some plans from High Street names such as HSBC, Legal & General and Scottish Widows amounted to more than £200,000 over 40 years for someone saving £200 a month.
And, according to our own analysis, someone who saves a total of £3,000 a year for 30 years into pensions or Isas would build a savings pot of £419,000 if the funds grew by 6 per cent a year and if there were no charges. But with a typical 1.68 per cent annual charge, that pot would be reduced to £269,341 - a loss of nearly £150,000.
Since last October, we have campaigned for an end to these hidden charges.
Instead of feathering your own nest, this money is lining the pockets of a long list of City workers - from salesmen to investment analysts - no matter how poorly they are running your money.
Here, we reveal the people getting rich from your money.
£1,431.76 from Citi Financial