What makes up your charges?
Your total charge is your Aegon charge plus your fund charges. Your Aegon charge can depend on which service area your workplace scheme is with and the type of scheme you have with Aegon. Your Aegon charge is unique to you and your scheme. Your fund charge is the charge you pay for each fund held. There may be different charges applied to each fund. You need to add the individual charges of all your funds to your Aegon charge to calculate your total charge.
Where do I find my charges?
You will receive an annual personal statement, where you can find the charges that apply to your plan. There are several different service areas within Aegon and how your charges are shown will look slightly different depending on which service area your plan or scheme is part of. Please click on your service area below to see an example of how the charges might look for your service area.
If you aren’t sure which plan service area your plan is part of you can use the support page to help you.
The list of funds available to invest in will be different depending on which service area your plan is part of. Some funds will be available in more than one service area but the fund charges for each fund are the same no matter which service area you are part of. The fund charges for each fund can be found within the table shown on our costs and charges page. Please click on your service area below to see which charges apply to you.
Where do I find my information?
You will receive an annual personal statement, where you can find the charges that apply to your plan. The table below shows an example illustration with representative charges for someone in an Aegon Retirement Choices (ARC) scheme. You can see a similar example on page 74 in Appendix section 3.3 of the IGC Annual Report 2022.
Example illustration
| Charge | Aegon Workplace Default (ARC) | North American (ARC) | Aegon Fundsmith Equity (ARC) | |
|---|---|---|---|---|
 |
Platform charge | 0.29% | 0.29% | 0.29% |
 |
Annual Management Charge | 0.04% | 0.07% | 0.99% |
 |
Additional Annual Expenses | 0.01% | 0.01% | 0.05% |
 |
Transaction costs | 0.05% | 0.07% | 0.01% |
| Total Charge | 0.39% | 0.44% | 1.34% |
Example illustration ARC for 3 different funds
Source: Aegon UK. Data shown for illustrative purposes only.
What do each of the charges mean?
Platform charge is an administration charge taken to cover the cost of investing through ARC. You can see the charge that applies to you in your yearly statement.
AMC is the Annual Management Charge, which is a yearly management charge expressed as an annual percentage but calculated and deducted on a daily basis from the fund.
AAE are the Additional Annual Expenses, which are an estimate of any additional fees and expenses that may apply, such as fees for custody, administration and trustee services that may be incurred.
TC are the Transaction Costs, which are an estimate of explicit and implicit costs incurred as a result of buying, selling, lending or borrowing investments in the fund, based on the actual annual transaction costs for the period 01/01/2022 to 31/12/2022.
The platform charges (1) and the fund related charges (2, 3 and 4) form your total charge.
Where do I find my information?
You will receive an annual personal statement, where you can find the charges that apply to your plan. The table below shows an example illustration with representative charges for someone in a TargetPlan Group Personal Pension scheme. You can see a similar example on page 81 in Appendix section 3.3 of the IGC Annual Report 2022.
Example illustration
| Charge | Aegon BlackRock Lifepath Flexi (Default) | Aegon BlackRock UK Equity Index (BLK) | Aegon Schroders Global Emerging Markets (BLK) | |
|---|---|---|---|---|
|
Annual Management Charge | 0.26% | 0.20% | 1.19% |
|
Additional Annual Expenses | 0.00% | 0.00% | 0.20% |
|
Transaction costs | 0.08% | 0.07% | 0.22% |
| Total Charge | 0.34% | 0.27% | 1.61% |
Example illustration TargetPlan Group Personal Pension for 3 different funds
Source: Aegon UK. Data shown for illustrative purposes only.
What do each of the charges mean?
AMC is the Annual Management Charge, which is a yearly management charge expressed as an annual percentage but calculated and deducted on a daily basis from the fund.
AAE are the Additional Annual Expenses, which are an estimate of any additional fees and expenses that may apply, such as fees for custody, administration and trustee services that may be incurred.
TC are the Transaction Costs, which are an estimate of explicit and implicit costs incurred as a result of buying, selling, lending or borrowing of investment in the fund, based on the average actual annual transaction costs for the period 01/01/18 to 31/12/22.
The fund related charges (2, 3 and 4) form your total charge.
Where do I find my information?
You will receive an annual personal statement, where you can find the charges that apply to your plan. The table below shows an example illustration with representative charges for someone in an Aegon Scottish Equitable Pensions & Bond Group Personal Pension scheme. More information about this can be found on page 76 in Apendix 3.3 of the IGC Annual Report 2022.
Example illustration
| Charge | Universal Lifestyle Collection | North American | Aegon Fundsmith Equity | |
|---|---|---|---|---|
|
Product charge | 0.72% | 0.72% | 0.72% |
|
Annual Management Charge | Included in product charge | Included in product charge | 0.99% |
|
Additional Annual Expenses | 0.02% | 0.01% | 0.05% |
|
Transaction costs | 0.09% | 0.07% | 0.01% |
| Total Charge | 0.83% | 0.80% | 1.77% |
Example illustration Aegon & Scottish Equitable Pensions & Bonds Group Personal Pension for 3 different funds
Source: Aegon UK. Data shown for illustrative purposes only.
What do each of the charges mean?
Product charge is an annual management charge which covers the costs associated with managing your plan and investments. You can see the charge that applies to you in your yearly statement.
AMC is the Annual Management Charge, which is a yearly management charge expressed as an annual percentage but calculated and deducted on a daily basis from the fund.
AAE are the Additional Annual Expenses, which are an estimate of any additional fees and expenses that may apply, such as fees for custody, administration and trustee services that may be incurred.
TC are the Transaction Costs, which are an estimate of explicit and implicit costs incurred as a result of buying, selling, lending or borrowing of investments in the fund, based on the actual annual transaction costs for the period 01/01/2022 to 31/12/2022.
The product charges (1) and the fund related charges (2, 3 and 4) form your total charge.
How do your charges compare to what others pay?
Your Aegon charge is set by Aegon as part of setting up your scheme. Each scheme is individually priced based on a number of factors:
- How many members will be in the scheme
- How long we expect members to save with Aegon
- The average ongoing member contribution level
- Whether members are likely to transfer in money from previous pension arrangement
The table below reflects the range of prices offered to employers based on the factors above. It’s important that you consider these factors when assessing whether your scheme is offering value. You can also find our full range of administration charges for each individual scheme in our charges document. More information about this can be found in Page 73 in Appendix 3 of the IGC Annual Report 2022.
Number of active Workplace schemes on different Aegon charge bands
| Charge band | Workplace ARC | Aegon & Scottish Equitable Pensions and Bonds |
TargetPlan | Total no. of active schemes |
|---|---|---|---|---|
| <0.25% | 200 | 34 | 9 | 243 |
| 0.25% - 0.50% | 2,121 | 1,036 | 67 | 3,224 |
| 0.51% - 0.75% | 795 | 5,540 | 15 | 6,350 |
| Total | 3,116 | 6,610 | 91 | 9,817 |
Table showing Aegon Charge Bands for Aegon Workplace customers by service area. To see the source of this data view the full range of our administration charges.
Source: Aegon UK IGC report 2022
In the table above Workplace ARC, Aegon & Scottish Equitable Pensions and Bonds, and TargetPlan refer to the different Aegon service areas. The numbers in each column under the service areas refer to the number of active workplace schemes in each charge band.
For example, there are 2,121 active schemes with Workplace ARC that are paying between 0.25% and 0.50% for their Aegon charge. Looking at this can help you identify how your Aegon charge compares to what other workplace schemes pay at Aegon.