What are the charges?

What does it cost?

When you have a pension there are charges for investing in funds. These charges cover the cost of managing your investments.

The amount you will be charged depends on the investments you choose. The charges and any rebates which apply to each investment option are explained in the Member Guide (PDF, 373kb).

Charges are regularly reviewed and may be increased to reflect increases in overall costs and/or changes in the assumptions made. Any increases will be fair and reasonable.

Scheme rebates

Fenner have negotiated a discount, which means that Standard Life will rebate 0.42% of the fund management charge by adding extra units to your fund each month.

If you leave Fenner, the scheme rebates remain the same.

Types of charges

Fund management charge

The fund management charge (FMC) is a charge for managing your pension and investments. The charge is built into the unit price of each fund your pension invests in and is deducted daily. Please see the Member Guide (PDF, 373kb) for more details about the FMC on the available funds.

Even if you stop making payments into your fund, you'll still be charged the FMC because the money you've invested will still be under management.

Additional expenses

Additional expenses may be deducted from some funds. They include items such as Trustees’, registrars’, auditors’ and regulators’ fees. And, where a fund invests in other underlying funds, they may include their underlying management charges.

The additional expenses relate to expenses incurred during the fund management process, so they will regularly increase and decrease as a percentage of the fund, sometimes significantly. Where expenses arise within a fund they have been taken into account in the calculation of the price.

Additional expense figures may be rounded to two decimal places. An additional expense charge may apply but if it's rounded to two decimal places it may show as 0.00%.

Additional expenses are not guaranteed. They are regularly reviewed and may be changed in the future.

Fund switching

There may also be charges for switching funds.

Cost of advice

If you decide to get financial advice from an independent financial adviser, then there may be a charge for this. You'll be able to find out more about this from your financial adviser.

More about getting financial advice

Important documents

To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.

Read this guide for more information about the Fenner Retirement Plan.

Member guide  (PDF, 374KB)

Read this outline for more information about the Standard Life Master Trust.

An outline of your employer's plan  (PDF, 264KB)

Complete this form to nominate beneficiaries for a lump sum death benefit payment.

Instruction for payment of the lump sum death benefit  (PDF, 87KB)

This summary is to be read along with the Member outline document.

Plan summary (PDF, 59KB)

Read this guide for more information and the tax benefits and tax charges which can apply.

Information about tax relief, limits and your pension (PDF, 190KB)

This document provides you with more information on how you can take money from your pension flexibly. For more information on the other options available please see your Member Guide above.

How Drawdown Works (PDF, 211KB)

Read this guide for more information on choosing your investment options if you decide to take money from your pension flexibly.

Choosing investment options for a flexible income (PDF, 119KB)