Member annual management charge

Save more, grow more. We give over £1.5 million back to our members each month1 in rebates on our charge. And with our one pot, best price guarantee you’ll be charged at the lowest rate available to you.

Pension management charges

Every workplace pension scheme charges members for looking after their money. You might hear this called an annual management charge or AMC for short. The higher the charge, the less money goes towards your retirement.

Our price promise

Unlike most providers, we offer our members a one pot, best price guarantee. Even if you leave us and come back with a new employer on a different management charge rate or transfer in other pension savings, your money will stay in the same pot and always be charge at the lowest available rate you’ve had.

And as you add to your pension, we can help you save thousands of pounds more2 by reducing the rate we charge you as your savings increase.

1 £1.5 million is the combined total of the rebate on all of our members’ pots each month in 2023.

2 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 £4.50 deducted during the scheme year.

Management charge

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


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

Annual management charge calculator

Use the slider to estimate your pot size and see your likely changes. Adjust the slider to see how your rebate increases as your pot size grows.

£ Selected pot size £15,000

Your actual annual management charge:

£62.50 0.42%

Fees you pay

Annual charge £0.00 0.00%
+ Management charge £0.00 0.00%
- Rebate £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 £4.50 plus the management charge of 0.5% meant that he paid £122 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 £4.50 plus the management charge of 0.5% meant that she paid £79.502. 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 £62.50 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.

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