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About the Scheme > Our Charges

Our Charges

We use a simple charging structure at BCF to keep costs for members and employers as low as possible.
Like many other similar pension schemes, BCF is a not-for-profit organisation.  The money we earn through charges is used to manage investments, keep the scheme running smoothly and ensure we are providing a high quality service in line with industry best practice.
 
As well as keeping costs as low as possible, we aim to make our charges clear and easy to understand.

Charges for members

There is no initial charge for members setting up a pension pot with BCF. Members pay an annual management charge, which is calculated as a percentage of the member's total fund each year.
 
Once a member reaches retirement and begin to take the money saved in their pension, there is a single crystallisation charge to cover this and then an annual payment to cover payroll administration of the retirement income.

There’s a further single charge for winding up a pension pot, for example if a member transfers their pot to another scheme provider.
 
BCF Administration Charges 2015

Charges for employers

Employers pay a one-off enrolment set-up charge when joining BCF, which is calculated based on number of employees being enrolled.

There is then a monthly payment for employers which consists of a basic employer charge plus a charge per employee.

BCF Administration Charges 2015
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