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What are the charges?
What does it cost?
As a member of the Centrica Savings Plan, there are charges for investing in funds. These charges cover the cost of managing your investments.
The amount you will be charged depends on the investments you choose. The charges for each investment option are explained in the Centrica Savings Plan booklet (PDF, 1MB).
Charges are regularly reviewed and may be increased to reflect increases in overall costs and/or changes in the assumptions made. Any increases will be fair and reasonable.
The Trustee has negotiated a discount, which means that Standard Life will rebate a percentage of the fund management charge by adding extra units to your fund(s) each month.
The effective charges for your funds are shown in the Centrica Savings Plan booklet (PDF, 1MB).
Types of charges
Fund management charge
The fund management charge (FMC) is a charge for managing your pension and investments. The charge is built into the unit price of each fund your pension invests in and is deducted daily.
Even if you stop making payments into your fund, you'll still be charged the FMC because the money you've invested will still be under management.
Additional expenses may be deducted from some funds. They include items such as custodian, third party administration, trustee, registrar, auditor and regulator fees. And, where a fund invests in other underlying funds, they may include their underlying management charges.
The additional expenses relate to expenses incurred during the fund management process, so they will regularly increase and decrease as a percentage of the fund, sometimes significantly. Where expenses arise within a fund they have been taken into account in the calculation of the price.
Additional expense figures may be rounded to two decimal places. An additional expense charge may apply but if it's rounded to two decimal places it may show as 0.00%.
Additional expenses are not guaranteed. They are regularly reviewed and may be changed in the future.
Effective total annual fund charge
This is the FMC, plus any additional expenses which apply, minus any scheme rebate which applies.
For example, if you invest in a fund with an FMC of 1.00%, additional expenses of 0.01% and a rebate of 0.70%, this will give an effective total annual fund charge of 0.31%.
Total annual fund charge
This is the fund management charge plus additional expenses. It doesn't include any scheme rebate which applies.
We won't normally make a charge for switching funds. In some limited circumstances we may charge, for example if a switch involves a fund managed by an external fund manager, and that fund manager charges us for the switch.
Cost of advice
If you decide to get your own financial advice from an independent financial adviser, then there may be a charge for this. You'll be able to find out more about this from your financial adviser.
To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.
Read this guide for more information about the Centrica Savings Plan.
Please update your beneficiaries for your lump sum death benefit payment online via MyPension Hub (Workday - External Benefits).
If you have left employment with Centrica please complete this form to nominate beneficiaries.
Read this guide, provided by the Trustee of the Centrica Savings Plan, if you are thinking about buying an annuity. Standard Life is not responsible for the content.
The Trustee of the Centrica Savings Plan has provided a newsletter for its members. Standard Life is not responsible for the content.