The “annual management fee” format is the standard process across the pensions industry; it’s a charging model used by practically every money or pension manager in the world. However, the percentage can vary. Across the industry, the fee varies from 0.47% to 2-3%.

Many pension providers charge a fixed fee instead, which can be particularly damaging for people who are saving smaller amounts, or who haven’t been saving into a pension for very long.

Unfortunately, many other providers quote their annual management fee, but fail to communicate the added or hidden fees such as:

· ‘Underlying fund charges’

· Charging a fixed minimum monthly amount

· Requirements for a big initial contribution, or minimum monthly contributions

· Exit, drawdown or withdrawal fees

· Additional charges for stopping or increasing contributions, or making one off top-ups

· Charges for transferring other pension pots

Penfold is different. We quote one clear management fee, and stick to it. We offer complete flexibility in how and when you save at no charge, because we know this is vital if you’re self-employed.