EAEPS is proud to announce a reduction in the headline charges to members of the scheme, with immediate effect for existing members and from 1st October 2017 for new members.
The Annual Management Charge (AMC) will reduce from 0.75% to 0.5% with an additional fixed fee of £20 per annum.
The scheme trustees have concluded that with the rates of contributions going up in April 2018 and again in April 2019 it is in the long-term interests to reduce the percentage fee and introduce the fixed fee.
Robert Milton, Chair of Trustees, said “the escalating contribution rates from 2% now to 8% in April 2019 means that a member’s pension savings will rise dramatically over the next few years. It is right for trustees to review the charges and make them more equitable in the long term.”
Mr Milton added “in reality, the percentage AMC pays for the fund manager to manage the pension scheme funds whilst the £20 pays for the administration, audit and communications costs of the scheme”