First identify the type of pension
This guide helps you organise charge information. It does not calculate your actual costs, compare products or recommend a change. Start with the scheme type and the date of the information you have.
Defined contribution pensions can carry charges for managing and investing the pot. Defined benefit schemes work differently and usually do not charge members in the same way. Do not assume a percentage printed on one document applies to every pension.
Record the charge label and what it covers
Charges can include annual management, fund and administration or platform costs. They may be percentages or fixed amounts, and separate transaction, exit, withdrawal or advice costs can also apply. Ask for the current charges for your own arrangement.
Copy each label exactly, then record its stated amount or rate, the period covered and the document date. Leave the basis unknown if the document does not explain it. Ask whether a quoted total already includes a fund charge before adding figures together.
- Keep ongoing charges separate from one-off costs.
- Record whether the figure is an actual amount paid or an illustration.
- Keep a provider reply alongside the original charge information.
Prepare a short request for clarification
A useful organising question is: “Please explain the current ongoing and one-off charges for my arrangement, what each charge covers, and which figures overlap.” Use the official contact route for your plan, with private identifiers supplied only through its requested process.
Keep the answer’s scope visible. A reply about an investment fund may not answer a separate question about the pension wrapper. If your statement and current charge document disagree, record both dates and ask which applies rather than choosing the lower figure.
- Which period does this figure cover?
- What amount is a percentage applied to?
- Does a stated total include the underlying fund costs?
- Are there costs for a particular action I am asking about?
Use illustrations to understand a mechanism
Our fee illustration shows how two hypothetical annual percentages compound under a fixed growth assumption. It is a learning tool: it does not import your statement or model all the charges, contributions, taxes and investment changes in a real pension.
Try fictional values and compare the result with the tool’s assumptions. A difference between two outputs is not a predicted saving or evidence that another product suits you. Keep any actual cost information in your private records, separate from the example.
A fee figure is only one part of a decision
A transfer can change more than charges, including valuable scheme features or protected benefits. A lower quoted fee does not settle whether transferring is suitable. Use the consolidation guide to prepare questions about the whole arrangement.
Keep charge information marked “confirmed”, “illustrative” or “awaiting explanation”, with a date and source. This article has been checked against public sources; it has not been reviewed by a named financial adviser and cannot assess your individual pension.
Sources & review
- MoneyHelper: Pension scheme fees and chargesChecked 2026-10-04
Next scheduled review: 2027-01-04. Provider details can change sooner. Use the official website for the current contact route.
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