Yes. Even if you’re a deferred member who’s stopped contributing to the Scheme, the following charges still apply.
- Monthly administration charge. This is for running the Scheme. It costs £1.75 a month or £21 a year. But we won’t take the full administration charge if it would make the value of your pension savings lower than £100.
- Investment management charge. This is for investing the money in the Scheme. It costs 0.3% of the value of your pension savings every year.
- Transaction costs. These are for buying and selling investments. We don’t charge for them separately. We factor them into the returns on the Scheme’s investments.
You can see the combined effect of the monthly administration charge, investment management charge and transaction costs over time in our costs and charges booklet.
Our costs and charges apply whether you’re:
- currently paying in to your pension savings, or
- have stopped paying in but still have pension savings in the Scheme.
Even if you’re no longer paying in to your pension savings, we’re managing and investing them. So, the costs and charges still apply.
We believe splitting the charges in this way spreads the cost fairly across all members. It also makes it easier to understand what you’re paying for your pension every year.
The amount you pay for your pension matters a lot over a lifetime of saving. Download our costs and charges booklet for examples of the effect of costs and charges on the value of your pension savings over time.