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Pension Switching

Pension Switching

We’ve reduced the charges on our Retirement Account, and created a Six Step Guide to pension switching

We’ve amended the charging structure on our Retirement Account – to make it a more cost-effective solution for your clients with pension funds up to £200,000*. This will help:

  • Provide you with a more compelling option for transfer
  • Give your clients with lower funds better value
  • Give more of your clients access to the account.

The Retirement Account continues to provide transparency on costs,and the support of a single dedicated Account Manager.

We have also created a six step guide to help you when advising clients on pension switching. The guide:

  • Takes you through a suggested review process
  • Helps explain the legal and technical issues
  • Helps you ensure your clients’ needs are met.

Reduced service charges table*

Total value of retirement account Standard Sevice Charge (per annum) New Service Charge (per annum) % Reduced
From to less than
£0 £10k 0.70% 0.40% 0.30%
£10k £50k 0.60% 0.40% 0.20%
£50k £100k 0.55% 0.40% 0.15%
£100k £150k 0.50% 0.40% 0.10%
£150k £200k 0.45% 0.40% 0.05%
£200k £250k 0.40% 0.40% No change
£250k £300k 0.35% 0.35% No change
£300k £500k 0.30% 0.30% No change
£500k £750k 0.25% 0.25% No change
£750k £1m 0.20% 0.20% No change
£1m £2m 0.15% 0.15% No change
£2m and above 0.10% 0.10% No change

* Reduced service charges. For applications received before July 2010.

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