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About the Scheme > Our Charges > Member charges

Member Charges

For period to 5th April 2021
Investment Charges

Annual management charge  0.5% of fund value

Post-Retirement* Charges

One off charges:
   Crystallisation charge       £250.00 per pension fund, payable at retirement*
   Fund wind-up charge       £250.00 per pension fund, payable on closure of your BCF account

*Retirement refers to the date you start drawing benefits from your BCF pension pot, not necessarily when you stop working. Members can set their retirement date any time after their 55th birthday and can continue to work after this date.

Flexi-access Drawdown Charges

Annual payroll charges to cover administration of your pension payments.
The first year is covered by the Crystallisation charge, and the following charges are applied thereafter, depending on how frequently you choose to receive your pension payments:

   Single annual payment    £50.00 per annum
   Quarterly payments         £100.00 per annum
   Monthly payments           £150.00 per annum

Uncrystallised Pension Fund Lump Sum
Single lump sum payments     £50 per lump sum paid

Where additional work is required for an individual investor then additional fees are payable on a time cost basis at a rate of £40.00 to £125.00 per hour. When possible we will notify the member of the likely charges in advance. The above charges do not include VAT which is charged at the rate appropriate to the services provided.
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