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Financial experts have warned that Brits are making one crucial pension mistake that is costing them £40,000.

New research from Interactive Investor has revealed that a staggering 83 per cent of British savers have "no idea" what they're paying in pension fees.

This could be costing them extra, as they are unsure what exactly they are paying into their pots.

Pension fees are normal, as they represent the administration and investment costs of your pension plan.

These can include the annual management charge (AMC), fund charges, and platform fees.

Antonia Medlicott, Founder & MD at London-based Investing Insiders , said: "There is a big knowledge gap when it comes to understanding pensions. Pension fees, in particular, are very poorly understood.

"And that means far too

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