You pay three different charges.
- 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.
Charging limit
We won’t take the full administration charge if it would make the value of your pension savings lower than £100. This helps prevent small amounts of pension savings being eaten away by administration fees.
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 effect of costs and charges on the value of your pension savings over time.