Pension companies charge a small fee to manage your pension. So 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.
📊 Annual Management Charge
A small percentage charge on the total value of your pension plan each year.
The annual management charge is 0.75% AER for the Balanced and Cautious Plans, and 0.78% AER 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.
If you have any questions about Penny’s fees, just ask our support team.
Please note that we cannot check if an existing provider is charging you more 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.