Annual Management Charge reduced

Legal & General (L&G) manages the AHBRSP and AE Scheme on our behalf. This involves day-to-day administration, such as record keeping or paying benefits, as well as the investment of contributions. There is an Annual Management Charge (AMC) for the day-to-day administration and a Fund Management Charge (FMC) for managing the investments.

We periodically review the level of charges with L&G and we’re pleased to report that we have negotiated a reduction in the AMC from 0.07% to 0.03% as of 1 January 2018. The FMC varies according to which funds you are invested in. If you are in the L&G Multi-Asset Fund, otherwise known as the ‘Default Fund’, then there is a FMC of 0.23% on top of the AMC.