Our costs and charges explained

We’ve designed our charges – which are among the most cost-effective in the pensions industry – to be simple, transparent and fair.

How the investment management charge works

The investment management charge is 0.3% of the value of your pension savings in a year. Here’s how this works for different amounts of pension savings.

Total pension savings before investment charge Charge in a year Total savings after investment charge
£500 £1.50 £498.50
£1,000 £3 £997
£2,500 £7.50 £2,492.50

The amount you pay for your pension matters a lot over a lifetime of saving. Download our costs and charges booklet for more examples of the cumulative effect of costs and charges on the value of your pension savings.

Things to think about if you’re no longer contributing to our Scheme

Our costs and charges are the same for all members, whether you’re:

  • An active member, saving regularly with your employer’s help
  • A deferred member – you’ve stopped contributing to your pension but still have pension savings in the Scheme.

If you’re a deferred member you still pay charges and incur transaction costs. Even though you’re no longer contributing to your pension savings, your existing savings are still being invested.

For those members with smaller amounts in their pension pots, the costs and charges can eat away at the value of your pension savings over time. To avoid this, could you transfer your pension savings out of this Scheme and combine them with any other pensions you have? This could make your pension easier to manage as well as saving you money on costs and charges.

No charge for transfers

We don’t charge you to transfer pension savings into or out of the Scheme.

However, if you are transferring out the pension provider you’re transferring to may make a charge. You should check this before transferring your pension savings out.

Charges made clear on your benefit statement