If you are invested in the default Target Date Fund, a charge of 0.5% of the value of your individual pension fund will be deducted each year to cover expenses and investment costs. Other charges apply in respect of the following funds:
- Socially Responsible Investment Fund 0.45%
- Global Equally Fund 0.45%
- Bond Fund 0.45%
- Indexed Linked Gilt 0.45%
- Cash Fund 0.47%
- Ethical Target Date Funds 0.70%
- Diversified Growth Fund 0.97%
- Property Fund: 1.02%
Further fund expenses may also apply up to a maximum of 0.04% a year. See the relevant Fund Fact sheet for further details.
Transaction charges may also apply in addition to those detailed above, for example broker commission, stamp duty or the cost of buying and selling investments. These charges vary depending on a variety of factors including the amount of money being switched on any one day.
Depending on what you choose to do at retirement, there may be charges for setting up a pension (or ‘annuity’) with another provider, as TPT Retirement Solutions does not pay pensions direct to members of defined contribution schemes. If you choose to set up a pension at retirement you can receive free basic advice from PensionWise, use your own Independent Financial Adviser or we can pass your details to the JLT Pension Decision Team (there is a charge for the latter).
We reserve the right to charge for additional quotations where a number of quotations have already been provided over the previous 12-month period. This includes retirement information, transfer quotations and divorce quotations.
Fixed charges, to cover our administration costs, will apply if you divorce or end your civil partnership and your pension is shared with your former spouse or civil partner.