Member annual management charge

More dough as your savings grow! Discover how our annual management charge works and how members are rewarded as they save

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Pension management charges

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. The higher the charge, the less money goes towards your retirement.

As we’re run by a not-for-profit organisation, we can help you save thousands of pounds more1 by reducing the rate we charge you as your savings increase.

1 See the ‘You might be wondering…’ section below for details on how we worked out that members could save ‘thousands of pounds more’.


Our annual management charge (AMC)

Your AMC is made up of 3 parts

Annual charge

An annual charge of £2.50 deducted during the scheme year.

Management charge

management charge of 0.5% of the value of your pension pot each year.

Rebate

rebate on some of your management charge for savings over £3k.


Annual management charge explained

For more detailed information, see the ‘You might be wondering…’ section.


What this means for you

£15,000

Estimated charges & rebate in a typical year:

 Annual charge
£0.00 0.00%
+ Management charge
£0.00 0.00%
- Rebate
£0.00 0.00%
=
£0.00 0.00%
Discover the value of your pension pot

Use your ‘current total fund value’ from your Online Account in the calculator above to get an idea of your annual management charge at the moment.

Set up your Online Account Access your Online Account
Set up your Online Account Access your Online Account

 

Boost your savings with us to receive a larger rebate

Saving for later life is one of the best things you can do with any spare money – perhaps not one of the most fun things, but definitely one of the smartest. By saving a little more, you could increase the rebate you receive on your management charge, reducing the rate you’re charged. This could add thousands of pounds more1 towards your future. There are 2 ways you could consider doing this.

1. Bring all your pots together

If you’ve worked for more than one employer, it’s likely you’ll have more than one pension pot. By bringing all your pots together with us (known as transferring or consolidating), you could receive a larger rebate as your pension pot would be bigger. Plus, it’ll make it easier to keep track of your money.

2. Increase the amount you pay in

The more you pay in (or ‘contribute’) to your pension, the larger the rebate you may receive – which could reduce your charge rate. You can ask your employer to set up the extra payments for you or you can make personal payments directly into your pension.

1 See the ‘You might be wondering…’ section below for details on how we worked out that members could save ‘thousands of pounds more’.

The impact of boosting your savings

Neil has saved £1,500 so far

So in a typical year, the annual charge of £2.50 plus the management charge of 0.5% meant that he paid £102 and received no rebate.

What will happen as his pot grows
£120 is paid into Neil’s pot each month.

Once he has over £3,000 in his pot, he’ll start to receive a rebate on his management charge, providing a nice little extra boost to his pension savings.

Plus, he could get there quicker if he considered bringing other pension pots into The People’s Pension or increasing the amount he contributes.

Kate has £15,000 saved so far

So in a typical year, the annual charge of £2.50 plus the management charge of 0.5% meant that she paid £77.502. Then, each month throughout the year, she received a rebate that would have totalled £17 by the end of the year. Therefore, the charge less the rebate was £60.50 for the year.

How her charge rebate is calculated
On the £7,000 between £3,000 and £10,000, she received a rebate of 0.1% (£7 for the year). And on the £5,000 above £10,000, she received a rebate of 0.2% (£10 for the year).

The more Kate saves the bigger her rebate will become, meaning more money will be going towards her retirement. What’s not to like?

2 Pounds and pence figures are for illustrative purposes only and you may pay slightly more or less than the figures quoted. The management charge examples shown don’t incorporate projected unit price or inflation increases during the case study periods.

You might be wondering…

Looking for more information?

MoneyHelper has more information in their ‘Top tips for your pension: Pension scheme charges’.

Oversee your pension using your Online Account

Manage your pension savings online, transfer in other pension pots, and see how much the management charge rebate adds to your retirement savings.

Get set up Log in
Get set up Log in

I’m an employer

Pension management charges

Every workplace pension scheme charges their members for looking after their money. You might hear this called an ‘annual management charge’, ‘management charge’ or ‘AMC’ for short. Our charge is applied at a member level rather than scheme level, so everyone has access to the same great rate.

As we’re run by a not-for-profit organisation, we want to help our members (your employees) save thousands of pounds more1 by reducing the rate we charge them as their savings increase.

1 See the ‘You might be wondering…’ section below for details on how we worked out that our members (your employees) could save ‘thousands of pounds more’.

You can download this video from our communications toolkit and share it with your employees to help them understand our annual management charge.


Our annual management charge (AMC)

An employee’s AMC is made up of 3 parts

Annual charge

An annual charge of £2.50 deducted during the scheme year.

Management charge

management charge of 0.5% of the value of their pension pot each year.

Rebate

A rebate on some of their management charge for savings over £3k.


Annual management charge explained

For more detailed information, see the ‘You might be wondering…’ section.


What this means for an employee

How much is in an employee’s pot?

£15,000

Estimated charges & rebate in a typical year:

 Annual charge
£0.00 0.00%
+ Management charge
£0.00 0.00%
- Rebate
£0.00 0.00%
=
£0.00 0.00%

Help your employees to save more

Are you already with The People’s Pension?

See the AMC fall

Your employee’s savings could potentially be boosted by thousands of pounds.

Talking about pensions

Communication templates to help employees understand how to get a bigger rebate.

Consolidate your schemes

Save time and help your employees potentially benefit from a lower charge.

By choosing The People’s Pension you’ll be joining one of the largest master trusts in the UK, receive excellent customer service from our UK based contact centre and help your employees save more for later life.

See the AMC fall

Your employee’s savings could potentially be boosted by thousands of pounds.

Ready to sign up?

It’s quick, easy and there’s plenty of help along the way.

Still not sure?

See how The People’s Pension compares to other workplace pension providers.

You might be wondering…

Help your employees understand our charge

Want to communicate with your employees about their pension and share the benefits they’re getting from you through the scheme?

Use our videos, flyers and templates to explain our annual management charge to your employees.

Our communications toolkit
Our communications toolkit

I’m an adviser

Pension management charges

As we’re run by a not-for-profit organisation, we want to help our members (your clients’ employees) save more1 by reducing the rate we charge them as their savings increase.

We do this by way of a rebate on the management charge.

The inclusion of the annual charge part of the AMC creates a fairer charge as the costs are spread more equitably across all members.

1 See the ‘You might be wondering…’ section below for details on how we worked out that members could save ‘thousands of pounds more’.

You and your clients can download this video from our communications toolkit and share it with members to help them understand our annual management charge.


Our annual management charge (AMC)

A member’s AMC is made up of 3 parts

Annual charge

An annual charge of £2.50 deducted during the scheme year.

Management charge

management charge of 0.5% of the value of their pension pot each year.

Rebate

rebate on some of their management charge for savings over £3k.


Annual management charge explained

For more detailed information, see the ‘You might be wondering…’ section


What this means for a member

How much is in a member’s pot?

£15,000

Estimated charges & rebate in a typical year:

 Annual charge
£0.00 0.00%
+ Management charge
£0.00 0.00%
- Rebate
£0.00 0.00%
=
£0.00 0.00%

How you can help your clients’ employees save more

Is your client already with The People’s Pension?

See the AMC fall

Your clients’ savings could potentially be boosted by thousands of pounds.

Talking about pensions

Communication templates to help employees understand how to get a bigger rebate.

Consolidate your schemes

Save time and hassle and help more people benefit from a lower charge.

By choosing The People’s Pension your client will be joining one of the largest master trusts in the UK, receive excellent customer service from our UK based contact centre and help their employees save more for later life.

See the AMC fall

Your clients’ savings could potentially be boosted by thousands of pounds.

Ready to sign up?

Manage your clients’ accounts easily there’s plenty of help along the way.

Still not sure?

See how The People’s Pension compares to other workplace pension providers.

You might be wondering…

Help your clients’ employees understand our charge

Want to communicate with your clients’ employees about their pension and share the benefits they’re getting from you through the scheme?

Use our videos, flyers and templates to explain our annual management charge to your clients’ employees.

Our communications toolkit
Our communications toolkit

I’m none of these

Not a member, employer or adviser? Here’s some general information about how our annual management charge works for members.

Pension management charges

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. Our charge is applied at a member level rather than scheme level, so everyone has access to the same great rate.

As we’re run by a not-for-profit organisation, we want to help our members save thousands of pounds more1 by reducing the rate we charge them as their savings increase.

1 See the ‘You might be wondering…’ section below for details on how we worked out that members could save ‘thousands of pounds more’.


Our annual management charge (AMC)

A member’s AMC is made up of 3 parts

Annual charge

An annual charge of £2.50 deducted during the scheme year.

Management charge

A management charge of 0.5% of the value of their pension pot each year.

Rebate

A rebate on some of their management charge for savings over £3k.


Annual management charge explained

For more detailed information, see the ‘You might be wondering…’ section.


What this means for a member

How much is in a member’s pot?

£15,000

Estimated charges & rebate in a typical year:

 Annual charge
£0.00 0.00%
+ Management charge
£0.00 0.00%
- Rebate
£0.00 0.00%
=
£0.00 0.00%

See your pot value

Log in to your Online Account to check how much you’ve got saved.

Share the good news

Have a scheme with us? Use our templates to tell your employees about the rebate.

Go ahead and recommend us

Do you advise employers? See how our benefits and charge compare.

You might be wondering…

Keep up to date with our latest developments

Because we’re run by a not-for-profit organisation, we do things a little differently at The People’s Pension, and we make sure everything we do is for the benefit of our members.

Follow us on social media to see what we’re up to…

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