Just a 0.25 percentage point reduction in annual pension fees can boost your retirement pot by £31,000 by the time you are 66, according to analysis.

An average earner contributing £250 per month into their pension from the age of 25 to 66 could accumulate £465,000 by retirement, figures produced by Vanguard suggest.

But if their fees were 0.75 per cent, they would accrue just £434,000, which works out as £31,000 less.

And their pot gets far smaller depending on the fees charged, as a 1.5 per cent annual fee would lead to a pot of £355,000, even with the same returns and contributions.

The figures, which can be seen in full below, assume a 6 per cent annual return on your investments.

How high can pension fees be?

If you pay into a pension via your workplace under auto-enrolment, y

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