The NOW: Pensions member charging structure is designed to be simple, transparent and fair.
We combine a low annual management charge of 0.3% with a monthly administration charge. By splitting the charge, costs are spread more equitably across all members. It also makes it easier to understand what you’ll pay for your pension every year.
If you leave your employer or stop contributing to your pension, you can transfer the money in your account to another pension provider at no cost. This may be a sensible thing to do, especially if you are leaving a very small pension pot 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 nothing left in your fund in a few years’ time.
Here is a handy infographic explaining how our member charges work.