Prosperity Personal Pension Fees
How much will a Prosperity Personal Pension Plan cost me?
The Prosperity Personal Pension Plan aims to treat customers fairly by providing a high quality pension solution with transparent pricing and the lowest possible fees.
Personal Pension Plan
Set up fee £70.00
Annual fee £70.00
Transfers in will be charged a one off fee of 0.75% of the transfer value (capped at £1,500.00)
The following additional fees may apply:
Bank transfers £60
UK courier fees £25
Courier fee for outside UK £45
Administration fee: 1.5% p.a.
Investment funds fee: from 0.09% p.a. to 0.4% p.a. depending on chosen portfolio.
These fees may vary from time to time. Please note all of our fees will be deducted from the value of your pension fund, unless otherwise agreed.
Administration fee: 0.20% (capped at £150.00)
Investment fee: You will need to consult fees with your financial adviser who will be able to inform you of the fees applicable to your selected investment strategy.
Investment funds fee
The investment funds fee is applicable to the model portfolios and is a disbursement that has to be paid to the investment manager of the individual holdings, and is subject to change as the portfolios may be rebalanced. It ranges between 0.09% p.a. and 0.4% p.a. is dependent on the model portfolio selected. If you select the Bespoke Service, then these investment fees will not apply to you, and your financial adviser will inform you of the fees relevant to your chosen investment strategy.
There is a termination fee of £500. This is subject to the Directors’ discretion and may be increased/decreased from time to time.
This is a one off fee that is only applicable if you are transferring your existing pension from another provider into a Prosperity Personal Pension Plan. This fee covers the additional work involved to satisfy the ceding scheme’s requirements prior to the transfer, and to regularly communicate with them so that they may release the funds. This process normally takes 6 to 8 weeks, but on occasions can take even longer.
The administration fee covers the routine administration of the plan; the allocation and investment of the contributions; accounting and auditing fees; the provision of annual statements; the custody of the funds under an investment platform at Turicum Private Bank; and the ongoing professional management of the model portfolios by an independent financial adviser. It is debited from your pension fund quarterly.
One valuation per tax year is provided annually on the anniversary of each pension transferred at no extra cost. Any additional valuations requested will be charged at £100 per valuation.
We reserve the right to charge for any additional work undertaken that is not covered by the fees above. This will be charged on a time spent basis, at charge-out rates applicable at the time to the relevant staff grades. This may include, although not limited to; additional pension contributions and pension transfers; changes to named beneficiaries; amendments/additions to existing investments and interim Government Actuarial Department (GAD) calculations.
The Directors reserve the right to review and amend the fees and charges as may be required from time to time.