But it is woeful there was any attempt to mask the costs.
Costs matter not just for the individual but for our whole society. According to Office for National Statistics calculations, I am halfway through my life. I’ve got a reasonable chance of reaching the age of 96 and a 10pc chance of topping 100.
Given that my state pension age is 68 (though that will likely creep up) I can ill-afford the fees that were eating away at my pension pot.
Nor can our country. Like many, if I am unable to meet the costs of my retirement I will have to rely on younger generations either directly – my children – or indirectly – by taxing those working when I retire.
That’s why the fiduciary duty investment houses owe to their clients is a duty to us all, whether we use them or not. The charges they take act as a tax on all and when returns are damaged, they dissuade saving, which hurts us all.
Around 15pc of households have wealth in a private pension.
Each one typically incurs a set-up cost of around 2-3pc. With all costs taken into account, the reduction in the value of a final lump sum can be up to 34pc over a fund’s lifetime.
That money should be used to help us pay our own way in retirement.
Tom Tugendhat is Conservative MP for Tonbridge and Malling