Our fees and charges

We want to help you understand the cost of having a Ready-Made Pension.

 

What charges will I pay?

Every pension comes with its own fees and charges, and it’s important to know what you’ll pay so you can compare.

We can take you through the different types of fees you’ll pay with a Ready-Made Pension.

We’ll explain what our charges cover and show an example of what this might look like for you.

What are the different types of charges?

Here's an overview of the charges you can expect to pay on your Ready-Made Pension.

Account fee

The account fee covers:

  • all the admin
  • managing your account.

This is charged at 0.30% (or a minimum of £5 a month) and will automatically be deducted from your pension fund.

You’ll see this fee listed on your statements.

Investment charge

The investment charge covers:

  • managing your investments
  • all trading costs.

There are ongoing charges of up to 0.24% and transaction costs of up to 0.14% to manage the fund. These are calculated daily based on your pension value. The charges are reflected in the performance of your investments and won't appear on your statement.

The table shows you the overall charges you’ll pay based on how much you invest with us. You can use this to help compare fees or charges with any other pension providers you might be considering. Please note that this table is based on our maximum investment charge so your charges could be lower depending on how close you are to retirement. Our charges are reviewed annually and may change.

Account fee
(per year)

Investment charge (ongoing)

Transaction costs (ongoing)

Account fee(per year)

0.30% (or a minimum of £5 a month)

Investment charge (ongoing)

0.24%

Transaction costs (ongoing)

0.14%

Here's an example

Pension pot value

Say you've got

£50k invested in your pension

Account fee

0.30% (or a minimum of £5 a month)

£150

Investment charge

0.24% (investment charge) + 0.14% (transaction costs)

£120 + £70

Total charge

£150 + £120 + £70 = £340

Less than £29 a month

Remember that investment charges are reflected in the performance of your investment and won't appear on your statement.

Ready to apply?

Before you start

Please make sure:

  • you open your Ready-Made Pension with at least one of the following:

    •  one or more pension transfers (with a total combined value of at least £10,000)
    •  a lump sum of £5,000 (inclusive of tax relief)
    •  regular monthly payments of £150 (inclusive of tax relief)
  • you’re a UK taxpayer, you’re not a US person, and you’re under 74 years old
  • you’re transferring pensions that are with a UK-based provider
  • you haven’t taken an income or a tax-free lump sum from the pensions you’re transferring
  • your pension doesn’t have any features or guarantees you wouldn’t want to lose if transferring (see our FAQs).

Apply now

To start your application, you'll need the following:

  • Your National Insurance number.
  • If transferring, the provider name, policy number, and the type and value of each pension.

Signpost logo   •  Sign in to your account
   •  Find the Wealth and Retirement section on the left menu
   •  Select the Ready-Made Pension page

You must be an existing customer to open an account. Please check your personal details are up to date before continuing. If you don't already use Online Banking, it's easy to register.

Sign in and apply

Ready-Made Pensions

Apply now

To start your application, you'll need the following:

  • Your National Insurance number.
  • If transferring, the provider name, policy number, and the type and value of each pension.

Signpost logo   •  We recommend you use the Mobile Banking app to apply
   •  Sign in and search 'Ready-Made Pension'

You must be an existing customer to open an account. Please check your personal details are up to date before continuing. If you don't already use Online Banking, it's easy to register.

To apply through browser, please use Online Banking.
 

Sign in and apply

FSCS logo

Halifax is a division of Bank of Scotland plc. Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.

Eligible investments with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.