2 pages. Excerpt: We find that fees drain pension accumulations by up to 25 percent of what would have been accumulated without fees. As a result many individuals, especially of the transition generation, will receive only the minimum pension guarantee because their accumulations will not be sufficient to fund a higher pension. Th e extent of this happening is important to gauge the additional cost to the government. Irrespective of the accumulated pension balances the fees lower well-being during retirement, in some cases significantly so.  MORE >>