The Pensions Council carried out a survey and published a report in February 2016 on Approved Retirement Fund (ARF) charges. The survey results revealed that there is a significant variation in insurer charges, depending on which charging version of an insurer’s ARF product is chosen, and for how long the product is held. It was observed in the report that potential savings can be achieved between the charges of different ARF products issued by the same insurer. A key lesson from the survey for consumers is that they can make significant savings if they shop around.