CHARGES

One pension means just one set of charges to keep track of.

Competitive, clear and transparent charges

The more you have in your pension pot, the lower our charge rate. You'll never pay more than 1.1% a year while invested in a GIS. If you opt for a more hands on approach and select funds outside the GIS, you should be aware charges may be higher.

We've broken the overall charges for GIS into two, so you always have a clear picture of the costs. These are:

  • a maximum management charge of 0.2% a year, depending on how you take your pension when you retire
  • a service charge of 0.1–0.9% a year that decreases as the value of your pension increases.


Work out your charges

What’s the total value of the pensions you’re looking to transfer?

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Yearly service charge

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Yearly investment charge is between

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Your total charge for the first year is between

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You can only transfer £10,000 or more
 

How it works

Our charges will automatically come out of your Retirement Account every month. For example, if you have a pension pot of £40,000 and you want to access it flexibly in retirement, then your overall charge rate is 0.5% a year. This means you’ll pay just £16.67 a month. Please be aware that charges and therefore overall cost of funds outside the GIS may differ, and may be higher.

The calculator results are based on the pension pot value you put in, and on our current charge rates. We’ve assumed that:

  • the pension pot value stays the same (as it grows or decreases, your charges will change)
  • your investment choice is a Governed Investment Strategy. If you decide to invest in a different strategy – or funds – these charges will change
  • the service charge tier doesn’t change.

To get a more accurate view of what your charges could be – taking into account your contributions and growth over time – you can request a personalised illustration.

  • We’ve broken the overall charges down into an management charge and a service charge, so you always have a clear picture of the costs. Please be aware that charges and therefore overall cost of funds outside the GIS may differ, and may be higher.

    For GIS, our management charge is 0.1% of your pension pot value a year. However, if you expect to take a guaranteed income for life in retirement this will gradually rise to 0.2% a year in the five years before you retire.

    Total valaue of retirement account
    From To less than Service Charge (per year)
    £0 £30k 0.90%
    £30k £50k 0.40%
    £50k £250k 0.30%
    £250k £500k 0.25%
    £500k £1m 0.20%
    £1m and above 0.10%

OUR CHARGES COVER:

  • managing your investments
  • managing your account
  • all the admin
  • all trading costs.

WE DON’T CHARGE FOR:

  • setting up your pension
  • transferring pensions to us
  • changing your investment choice
  • transferring to another provider.

Take your pension when you retire

With Retirement Account, you have the freedom to take your pension in a number of ways.

Explore your options

START YOUR APPLICATION

If you’re transferring £10,000 or more and know how you want to invest your pension pot, then you’re ready. Have to hand the details of the pensions you want to transfer.

 

Start now >