Are there any member charges?


  • Members
  • General

Defined Contribution members

A charge will be deducted from your fund to cover the administration of the fund you are invested in.

Fund charges

Each of our funds has a differing charge so you may want to look at the detail on each of the DC fund factsheets, which share information about the charge alongside features. The charges are shown in the section named Total Expense Ratio (TER).

Transaction charges may also be payable in addition to the above, for example broker commission, stamp duty or the costs 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.

Further details of the charges deducted from your fund are available on request. 

Our funds are listed on the fund factsheets page.

Setting up a pension from a Defined Contributions fund

When you draw your benefits, there may be charges for setting up a pension (or ‘annuity’) with another provider, as we do not pay pensions direct to members of Defined Contribution schemes.


You may want financial advice before taking your benefits and below are links to the government service (Moneyhelper) and a site which allows you to search for financial advisors in your area.

We can also pass your details to the Mercer Retirement Relationship Managers who may be able to help you. There is a charge for this service.


Defined Benefit members - Quotations

A charge would be applicable for additional quotations where a number of quotations have been provided over the previous 12 month period in certain circumstances. Outlined below are the numbers of each quote you are allowed free of charge in a 12 month period and the fee applicable for a further quote. Please note that the charges outlined below will also have VAT at 20% applied on top of the fee stated:

  • 2 Retirement quotes – each additional quote fee £150
  • 1 Benefit statement – each additional quote fee £150
  • 1 Transfer quote – each additional quote fee £200 *
  • 1 Divorce quote - each additional quote fee £200 *
  • Application of a court order in a Divorce case - £2,200 to £3,000.

*Additional charges may apply if the transfer value is over £300,000. Fixed charges that cover our administration will apply if you divorce or end your civil partnership and your pension is shared with your former spouse or civil partner.