All pension companies charge fees. Most pension companies charge a small annual fee to manage your pension. Therefore your pensions are currently incurring charges. When you move your old pensions into your new pension account, you’ll stop paying fees to your old providers and only pay Penny’s single fee, called an Annual Management Charge.
Please note that we cannot assess if an existing provider is charging you less than Penny will charge, so you could end up paying more. We recommend that you research the fees of your existing pensions in order to ensure that transferring your pension to Penny is right for you.
Annual Management Charge
0.75% - 0.78%
A small percentage charge on the total value of your pension plan each year.
The annual management charge is 0.75% for the Balanced and Cautious Plans, and 0.78% for the Ethical plan. This is due to higher fund fees for the management of Ethical plan.
This fee is automatically taken from your pension monthly. This fee covers all trading and transaction costs.