How much does YIP cost?
YIP charges a simple 1% annual management charge (based on Assets Under Management) deducted from the employee’s account automatically every month.
Other pension fees
There are no additional transactional fees charged for activities that would typically incur a fee including transfers in, transfers out, investment switches and taking benefits from your pension.
The YIP annual management charge includes the following:
- Trustee fees
- Pension administration fees
- Investment management fees
Members of YIP also benefit from economies of scale, so as YIP grows, the annual management charge will decrease.
*YIP accepts self-employed and non-employed individuals on a voluntary basis, subject to their circumstances. There may be minimum contribution level requirements and a small joining fee for such clients. If you are a self-employed or non-employed individual and would like to know more please contact: yip@sovereigngroup.com
**There are additional fund level charges subject to the investment option selected. For those who opt for the standard lifestyle investment option, the additional fund level charges will be 0.26% for the majority of their investment duration, but will change as the investment strategy is adjusted as they near retirement.