As a member of the NOW: Pensions Trust (‘the Scheme), you pay two different charges:
- A monthly administration charge of £1.50, which covers the cost of running the Scheme
- An annual investment charge of 0.3%, which covers the cost of investing your money.
If you leave your employer or stop contributing to your pension, you can transfer the money in your account to another pension provider. We will not charge for transfers, however, a receiving scheme may charge. This may be a sensible thing to do, especially if you are leaving a very small pension savings with just a few hundred pounds because the charges continue to apply. If you don’t move your money, the charges could mean that you have less than you were expecting.
The amount you pay for your pension matters a lot over a lifetime of saving. Understanding pension charges sometimes isn’t easy, so to help, we’ve provided examples of how much your pension savings will be affected by the compound effects of costs and charges.