What it costs
We're removing monthly member fees for small pension pots
From 1 April 2022, we won’t take monthly charges from members that have £100 or less in their Smart Pension account. This is typically £1.25 per month although a different charge may apply depending on when and how you signed up to Smart Pension.
What this means:
- This new charge limit will apply to all members of the Smart Pension Master Trust.
- This change will further protect small pension pots from eroding.
- It will not affect the Annual Management Charge that we already apply to members’ pots.
You do not need to do anything.
We will automatically apply this change to member pots on 1 April 2022.
If you have any questions then please get in touch with us using our online member enquiry form.
We may apply a monthly employer account charge of £15 +VAT, which will automatically be taken from the Direct Debit mandate that an employer will be asked to set up when they join Smart Pension. We review these charges annually and will publish any updates on this website.
There's no charge if you pay your contributions by Direct Debit. However, if you want to pay by BACS the charge is £30 a month.
We don’t currently charge advisers for any services. We review these charges annually and will publish any updates on this website.
We also apply some account management charges for additional services that we may provide if you request them –
Reconciliation service charge: £30 per half hour
Most employers or their advisers carry out reconciliation themselves and don't need this service. However, we can review an employer’s account with us to reconcile contribution data to payroll records, and if applicable, identify any inconsistencies that need correcting.
Our charging structure for members whose employers have signed up to us directly is an annual management charge of 0.30% and a monthly fee of £1.25.
Our fund fees
Smart Future Fund
This fund aims to replicate the asset allocation, performance and risk profile of our Smart Growth Moderate fund, whilst incorporating additionalscreening criteria that revalues the weighting of each investment depending on their Environmental, Social, and Governance (ESG) score. It aims to limit the additional risks associated with ESG factors.