Employer and member pension charges
Our charges deliver cost-effective value for your business and your employees.
No ongoing employer fees
With People’s Pension, there are no monthly charges for employers – just a one-off setup fee of £500 + VAT to cover initial costs. This includes all your ongoing support, scheme management tools, plus expert guidance whenever you need it.
No setup fee
If you join through a qualified financial adviser, corporate adviser or payroll services firm, there’s no setup fee. You’ll still get all our support, tools and guidance.
Just ask your adviser for the reduced charge code and use it when you sign up.
Member charges
We’ve worked hard to design a pension scheme that gives every member good value for money. Our competitive annual management charge (AMC) stays the same whether your employees are contributing or not, whatever fund they’re contributing to, or how much is in their pension.
Annual management charge (AMC)
For each scheme member, the AMC is made up of:
- A 0.5% management fee (based on the value of the pension each year)
- A small annual charge of £6.50
When you compare this with other pension providers, this is great value for money, where the annual charge can reach up to £21.
For larger employers with complex needs, we may propose a management charge lower than 0.5%.
Savings reward
Our savings reward lowers the charge the more your employees save – reducing the management charge from 0.05% to 0.3% once savings exceed £3,000:
- Over £3,000 and up to £10,000, we’ll give back 0.05%
- Over £10,000 and up to £25,000, we’ll give back 0.15%
- Over £25,000 and up to £50,000, we’ll give back 0.25%
- Over £50,000, we’ll give back 0.3%
If your employees transfer their other pensions into People’s Pension, they can benefit from these reduced charges sooner. It’s an easy process.
These savings are paid directly into your employees’ pensions. With no shareholders, it’s our way of returning profits back to your people.
To see how our savings reward affects an individual’s management charge – use the charge calculator.
Our best price guarantee
When people change jobs, they can often end up with multiple pensions with the same pension provider, each with different charges. If an employee already has an account with us, we’ll combine their savings and charge the lowest rate available.
Not many other pension providers offer this best price guarantee, but we do.
