This is an important document which sets out how the Pension App Pension Scheme fees and charges work. Our aim is to make our fees as simple as possible and easy to understand, making them the same for every customer.
All literature can be found on our website here.
When you transfer a pension into the Pension App Pension Scheme from an alternative provider there will be a charge of 0.6% of the amount received. This fee is for the work involved in tracing your pensions and arranging for funds to be transferred from your existing provider.
For example, if you were to transfer £1,000 to Pension App the initial fee would be £6.
Once your pensions are transferred to your Pension App Pension Scheme, your current provider’s fees & charges will stop being deducted. Pension App will then only charge 0.6% per year. The fees will be calculated and deducted monthly from your Pension App Pension Scheme.
Additionally to this there will also be a fund management charge applied by BlackRock for the management of the fund, which is currently 0.22%, however you should be aware that this fee is subject to change by the fund manager, at which point Pension App would confirm any changes with you via your email and via SMS. This would mean the combined annual fees you would pay on your pension would be 0.82%.
For example, if your pension scheme was worth £1,000 the combined ongoing fees would be £8.20 per year.
There will be no charge for contributions.
There will be no charge for withdrawing your pension.
There will be no charges for transfers between any of the 3 funds which we offer. For information on our fund choices, refer to our fund factsheets page here.
There is no charge to transfer away from the Pension App Pension Scheme to another Scheme or Provider.