Thinking of consolidating your pensions into an existing workplace pension account? Not sure which one to choose? We’ve got the lowdown on six of the most popular workplace pension providers:
Provider | Fees | Investment Options | Fund information |
NEST | Contribution charge: 1.8% of each contribution (only while contributing to the pension)
Annual management charge: 0.3% | Aside from default strategy (Retirement Date Fund), 7 funds to choose from including Higher Risk, Shariah, Ethical and Pre-Retirement. | |
The People’s Pension | Annual platform charge: £2.50
Annual management charge: 0.5%
Rebate of some fees when savings reach £3k | Aside from default strategy, 8 funds to choose from including Ethical, Shariah, Pre-Retirement and Global Investments at different risk levels. | |
NOW Pensions | Annual platform charge: £18.00
Investment management: 0.3% | One default strategy and no alternative choices. | |
Smart Pension | Annual platform charge: £15.00
Annual management charge: 0.3% | Aside from default strategy (which is ESG), 17 funds to choose from based on risk level, location, or asset type. | |
Aviva | Annual management charge: 0.2-0.75% | Aside from default strategy, over 200 funds to choose from. |
If your provider isn’t listed here, you can check your provider’s website for more details, or ask your employer whether they could share the scheme booklet with you.