TER's (total expense ratios) are the first thing that we look at - AMC's are as you suggest misleading (if viewed without the other 2 key cost indicators). PTR (portfolio turnover rate) being the other measure that matters as turnover eats performance. It?s easy to think the headline rate from ?star? managers is great and throw money down the drain in hidden charges.
I'm not sure where I said that the charges for pensions are higher than for other investments.
Not overtly, but by suggestion it appears that you think pensions charge more than other investments which isn't the case (you often slate pensions on cost but don?t really say what the alternative is ? cash ISA saving over the long term would not be considered suitable advice for most people by the former FSA). However compared to direct ownership of shares you are right the charges are MUCH higher, but then the risk and returns compared to collectives are frankly on another page and not suitable for most people.
Costs with endowments are only part of a very fuzzy picture. Endowment policies (by name) are rarely worthwhile (as a way of accessing the stock market) these days as the base investment is usually (not always) no longer held in stocks and shares, they are no longer the focus of providers and they represent too high a risk for them ('smoothing' proved to be part of their downfall). If you mean endowments as in a qualifying policy ? often recently sold as Mips, but it applies to endowments ? well they were/are very very tax advantageous, but that has been stopped for new entrants. Investment return was only part of the bigger picture for these products and people still hold them for the other advantages.
As for living off a DC pension, well that's often because people who have retired now have a small/part DB scheme. However retirement provision is all about accrual of capital, be that pension, ISA's, savings, property etc etc. The most important thing is to save over the long term and because of the timescales involved ensure that inflation is considered - that is a silent killer in my opinion, it looks like you've lost nothing, but your spending power has been quietly eroded. A pension, when there is a tax benefit (HR or AR payer), or an employer contribution, should be part of the picture. The rules for taking pension income are relaxing slightly and the tax rules are also becoming slightly more favourable ? well in part, and I think this will continue to be the case.
The best advice is always, mix your assets, reduce your costs, spread your risk, stick to a long term sensible plan (don?t panic over every economic cycle), REBALANCE your portfolio (I cannot believe how many people don't do this), ask questions even if they seem daft and don?t do anything you don?t understand.