Management and set up charges on investments

[shirepro]

I have a few bob I want to put way until retirement in 11 years time. My bank are offering me various otions but the most attractive carries a set up charge of 4.5%. This sounds alot, but I can't find anything to compare it with. I have found investments where they charge and annula fee of 1 or 1.5%. Does 4.5% sound excesive to you, and do you think a bank is up for negotiation?