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.
Members Costs and charges explained
We’ve designed our charges to be simple, transparent and fair.
Read our costs and charges booklet See frequently asked questions
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 |
You won’t see any investment charges before 12 May 2025, because before this date your investment charges were taken by reducing the unit price on the funds your money was invested in. Since 12 May 2025, we no longer do this. Instead, we show your investment charge separately. We’ve made this change so you have a clearer view of the investment charges you pay.
Our charging limit
As our administration charge is more than £20 but less than £25 a year, the most we could charge for investment management would be 0.4% a year. Our charge is lower than this at 0.3%.
As well as this, we’re not allowed to take the administration charge if this would make the value of your now:pensions account less than £100. This helps prevent small amounts of pension savings being eaten away by administration fees.
If you’re no longer paying in to your pension savings
Our costs and charges apply whether you’re:
- currently paying in to your pension savings, or
- have stopped paying in, but still have savings in now:pensions.
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.
Think about transferring
It could make sense to put your now:pensions savings together with other pension savings you have. For example, you could transfer other pension savings you’ve got in to now:pensions. That way, you could take advantage of our lower charges and you’d be able to manage all your pension savings with now:u.
It’s easy to bring your other pensions into now:pensions. Log in to now:u and, click Find and transfer in the menu and follow the instructions onscreen.
We’ve partnered with Pension Lab to give you a quick and easy way to find your other pensions and bring them in to your now:pensions account. Pension Lab is a technology firm that specialises in systems for connecting people with their pensions.
We don’t charge you to transfer pension savings into or out of now:pensions. But if you transfer your pension savings out, the pension provider you’re transferring to could make a charge. You should check this before transferring your pension savings out.
Check your annual benefit statement
Your annual benefit statement shows the total amount you pay in charges each year. It explains how we take account of the charges in the pension estimate your statement shows.
It also shows any adjustments we’ve made if we find there’s been an issue with the charges you’ve paid.
Frequently asked questions
See all support for membersWe’ve made two changes to the way we show charges in your annual benefit statement.
Investment management charge
Our members have always paid a 0.3% investment charge on the money they invest. This hasn’t changed. We’ve just changed how we show the charges. From 12 May 2025, when we launched now:u, we started listing the charge separately. Before this date, we took your investment charge by reducing the unit price on the funds your money was invested in.
We’re not charging you more for investing your money. We’ve just changed how we show the charges, so you have a clearer view of the investment charges you pay.
To see a breakdown of your charges, log in to now:u and go to Transactions. Choose Charges (on the app you’ll need to scroll right to show it).
Administration Charge increase
On 1 September 2025, our Administration Charge increased from £1.75 to £2.00 a month. This charge only applies if you have more than £100 in your now:pensions account each month, after we’ve taken off the charge.
To see the charges that have been taken from your now:pensions account, log in to now:u and choose Transactions. Then choose Charges.
You’ll see your charges as a table with the following headings.
- Date – when the charge was taken from your account.
- Transaction type – what the charge is for. There are two types.
- Account charge – this covers the cost of running your pension, including maintaining your account and providing member services.
- Investment charge – this is taken to cover the cost of managing your pension investments. Note: you won’t see any investment charges before 12 May 2025 because before this date your investment charges were taken by reducing the unit price on the funds that your money was invested in. Since 12 May 2025 we no longer do this and instead show you your investment charge separately. We’ve made this change so you can more clearly see the investment charges you pay.
- Amount – how much was taken from your account.
It automatically shows all charges from the last 30 days. Use Select dates to see charges from an earlier period.
Our costs and charges page explains what you pay as a now:pensions member.
Our charges for managing your pension and investments are in three parts.
- Administration charge – £2 a month or £24 a year.
- Investment management charge – 0.3% of the value of your pension savings each year.
- Transaction costs – taken out of the returns on now:pensions’ investments.
As our administration charge is more than £20 but less than £25 a year, the most we could charge for investment management would be 0.4% a year. Our charge is lower than this at 0.3%.
As well as this, we’re not allowed to take the monthly administration charge if this would make the value of your now:pensions account less than £100. This helps prevent small amounts of pension savings being eaten away by administration fees.
No. If you’ve got pension savings in other places, you can bring them in to now:pensions so all your pension savings are in one place. We don’t charge you to do this.
But your other pension providers could make a charge for transferring your pension savings out. You should check this before you start a transfer.
You may also have protected benefits, which you could lose if you transfer them in to now:pensions. Your other providers should be able to tell you if you’ve got any protected benefits you would lose if you transferred out.
If you’re not sure whether transferring other pensions into your now:pensions account is right for you, it’s a good idea to talk to a financial adviser who’s regulated by the Financial Conduct Authority (FCA). The government-backed MoneyHelper website has a guide to choosing a financial adviser and a directory of advisers who can give regulated financial advice about pensions.