Fees or Commission

Generally advice provided by a Financial Adviser regarding a Pension Scheme can be paid for by the employer paying a fee or the Insurance Company paying the adviser commission.

Gracechurch would normally be paid a fee, which is subject to VAT and will include all advice regarding the administration of the Pension Scheme.

If we were to be remunerated by receiving commission from the Insurance Company running the scheme, this means that the charges applicable to the scheme will be higher, therefore it is effectively the Pension members who are paying for our advice rather than the employer.

Gracechurch prefer to be remunerated by the payment of fee, as this ensures that the scheme members receive the best deal possible.

Generally, total annual charges for a Group Personal Pension Plan can vary between 1% per annum of the total fund value down to 0.5% per annum if no commission is payable.