How much will the service cost you?
Here's an overview of our fees and charges. For more information on how these are calculated and deducted, please read Destination Retirement Save - Our Service Explained.
Service fees
There are two main service fees:
- an investment service fee which is charged by us. This is for the product account set up and ongoing servicing. This includes acting as your agent with Hubwise, as well as the operation of the investment portfolios. This fee is 0.52% per year of the overall value of the assets held within each product.
- a platform service fee which is charged by Hubwise. This covers the custody of your assets and the provision of platform and product services. This fee is 0.13% per year of the overall value of the assets held within each product.
These service fees apply to all customers across all products. And given the fees are based on the value of assets at the time of calculation, the actual amount deducted will go up and down over time.
Charges for financial advice
If you decide to take financial advice, we'll charge 0.75% of the value of the assets within each of your products that were included in the advice given and that you agree to transfer. The total charge will be subject to a maximum of £500.
The charge will be applied proportionately against each product and deducted once the advice has been completed. For non-pension assets, we'll prioritise taking fees from a GIA (if you have one of sufficient value) over an ISA to protect your allowance. If you decide not to go ahead with our adviser’s recommendations we won’t charge you.
Fund costs and charges
In addition to the service fees there are other costs and charges levied by the funds held within the portfolios. These charges cover the costs of the fund management, administration and any transaction costs. These are deducted within the fund itself and are reflected in its value. These are not a direct charge to you but do impact the fund’s performance.
You can review the full breakdown of all fees, charges and costs for your product and investment portfolio choice by reviewing your personal ‘Illustration of costs’ document which we’ll give you during the application process. Hubwise will provide you with an updated illustration every year via the online platform.
You can also refer to the key investor information document (KIID) that’s issued by the provider of each fund in your portfolio. This will provide a detailed explanation of the fund’s costs. You can link to each KIID from the relevant portfolio factsheet:
Other charges
In addition to the service fees, fund costs and charges which apply to all customers and products, there are other charges that may be applied in certain circumstances. Please refer to Destination Retirement Save - Our Service Explained for more details.