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 | Access | Default fund: return over last 3 years | 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. | Online through your browser | 9.3% | |
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. | Online through your browser | 27.92% | https://thepeoplespension.co.uk/investments/global-investments-up-to-85-percent-fund-factsheet/ |
NOW Pensions | Annual platform charge: £18.00 Investment management: 0.3% | One default strategy and no alternative choices. | Online through your browser | 15% | https://www.nowpensions.com/about-us/our-investment-strategy/historical-quarterly-fund-fact-sheets/ |
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. | Online through your browser or through the Smart Pension app | 25.8% | https://www.smartpension.co.uk/governance/scheme-information |
Aviva | Annual management charge: 0.2-0.75% | Aside from default strategy, over 200 funds to choose from. | Online through your browser or through the MyAviva app | 26.1% | https://www.aviva.co.uk/business/workplace-pensions/corporate/my-future-focus/ |
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.