Millions of Pep investors could be losing out on better performance and cheaper charges according to a survey from Legal & General.
They say this is because many Pep investors are oblivious to the fact they can change their Peps manager.
The survey reveals 41 per cent of these investors were unaware they could move their Pep holdings.
While 80 per cent would be prepared to switch their investments if it meant they would achieve a better return.
The survey also found many investors would consider transferring their Pep to reduce their charges. L&G says that if half of these people did transfer and halved their annual management charge it would generate a saving of nearly £72m a year.