One of the most contentious issues today with investments is that of 'charges' incurred by an investor. The financial pages of some newspapers are strewn with advertisements offering 'no initial charges' or 'limited offer, two per cent reduction'.

Nobody should seriously expect something for nothing in today's world and yet so many are driven by the desire to secure a 'bargain'. When it comes to money matters, you simply have to be realistic.

Take a bank or building society, for example. A deposit account generally has no charges attached and is perceived to offer good value for money as far as running costs go, but what really matters is the return you get on your cash.

The latest figures from the Building Societies' Association show the net difference between savers' rates and borrowers' rates for the Halifax is 2.43 per cent and 2.39 per cent for the Abbey National, although the Coventry fair better with a gap of just 1.24 per cent.

If you are looking outside cash accounts, into 'managed' investments such as Equity-based ISAs, unit trusts and investment bonds, the situation is quite distinct because there are two separate types.

The first is a 'Passively Managed' fund, such as a Tracker fund where the money is invested, often in the FT-SE100 index, in a set way and run by computers. These have lower running costs because there is little for the managers to do. The second is the 'Actively Managed' fund, where costs are higher but the managers have teams researching the market place, visiting companies, inspecting their books, and looking for good stocks.

When it comes to investing you should be looking primarily at what type of investment is suitable, such as one linked directly to the stock market, or corporate bonds, or a mixture. A free Guide to Investments is available on 01484 860123.

Q My husband is 42 and 12 years older than me. My employer doesn't have a pension plan and I am concerned about saving for the future as I won't get my state pension until my husband is 77, and I want to stop working when he does when I will be 53. Is this too young to receive a pension or should I look at other methods of saving?

A You can take the benefits from a personal pension plan at any age between 50 and 75 so it would seem that a personal pension may be the best for you as you will receive tax relief on any contributions made and the money will grow virtually free of tax. The most you can pay in is 17.5 per cent of your earnings as you are under 36.

One of the traditional problems of retiring so early was that the amount of pension you got for your money was much less because you should live longer, but happily you can now take income from the fund instead of buying an annuity, which can get round this problem.

To build up a sufficient fund in just 23 years is going to be very hard work so be prepared to take a realistic view. For a free factsheet on "Pensions for Women" call 01484 860123.

Q I have changed jobs recently and the company I now work for is much smaller. In my old employment they had a scheme which ensured that I either received an income if I was off work for a long time or my pension might be paid early. My new employer does not offer this and I need to know if it is worth taking out private insurance.

A As state benefits are now much less and harder to obtain under the Incapacity Benefit Scheme, taking out private cover is very important indeed.

You could look at an Income Protection policy (often called Permanent Health Insurance PHI) that would guarantee an income, normally until retirement or recovery, in the event of ill-health or injury. For a free factsheet on Income Protection call 01484-860123.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.