Every workplace pension scheme charges members for looking after their money. You might hear this called an ‘annual management charge’, ‘management charge’ or ‘AMC’ for short.
With The People’s Pension, there is an annual management charge made up of 3 elements:
- a management charge of 0.5% of the value of your pension pot each year
- a potential rebate on the management charge of between 0.1% on savings over £6,000 and 0.3% on savings over £50,000
- an annual charge of £2.50 deducted during the scheme year (which runs from 1 April to 31 March), if you have investments with us as of 1 April.