Login .a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px} Home Members Investing your savings Our costs and charges explained 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 we calculate your charges .a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px} Monthly administration This is the charge we make for running the Scheme and it costs you £1.50 each month (£18 a year). .a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px} Investment management This is for investing the money in the Scheme and costs 0.3% of the value of your pension savings each year. You can see an example of how this works below. .a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px} Transaction costs These are for buying and selling investments. We don’t charge for them separately – instead we factor them into the returns on the Scheme’s investments. Increase in monthly administration charge and charge cap From 1st April 2022, your monthly member administration charge will increase from £1.50 to £1.75. Charge cap We’re also introducing a charge cap at the same time. This means if you have £100.00 or less in your account, we won’t deduct a monthly administration fee. This will help prevent small amounts of pension savings being eroded by charges. The annual management charge of 0.3% continues to apply. Please note that partial deductions of the member administration fee will be made to your pensions savings account where required so that the fee does not decrease your account below £100. 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 .a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px} Your annual benefit statement shows the total amount you pay in charges each year, and explains how we take account of all charges in the pension estimate shown on your statement. .a{fill:none;stroke:currentColor;stroke-linecap:round;stroke-linejoin:round;stroke-width:1.5px} It also shows any adjustments we’ve made if we find there’s an error in the charges you’ve paid. This can be a refund or a debit. Browse Members Employers Payroll bureaus Financial advisers Support Help and support Resources Contact us Events Read News and insights Press Serving our members Legal information Learn About us Our mission Our investment strategy Careers Connect NOW: Pensions is registered in England and Wales as NOW Pensions Limited (No. 07766398), 6 Bevis Marks, London, EC3A 7BA. We are regulated by The Pensions Regulator and identifiable under the Pension Schemes Registry (PSR) under registration number 12005124 and HMRC reference number 00776316RJ. By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Cookies Settings Accept All Cookies