You save for retirement? Then check the fees on your pension savings, says the Consumer Council.
Annually, Norwegian consumers pay 300 million in fees. But with a single keystroke, the individual may now remove the entire fee.
On Wednesday, the Consumer Council launched a comparison service “fee check” on Finansportalen.no, with both Finance Minister Siv Jensen and Consumer Minister Solveig Horne present.
Fee check is the Consumer Council’s first version of a price and product comparison solution for retirement savings.
Some companies take no administration fee at all. Others charge its customers up to 4.5 percent in fees.
– The unnecessary administration fees cost Norwegians 300 million annually, says consumer director Randi Flesland to newspaper Stavanger Aftenblad.
She thinks it’s time to stop the “fee feast” and hopes consumers will move their pension certificates to companies that do not charge fees.
– It is worth noting that a difference of only one percentage point in annual fees can eat up 25 percent of your pension.
For many consumers, the entire return will be eaten up by management fees alone, she says.
Source: NTB scanpix / Norway Today