We have set out some of the main stakeholder requirements below, and also shown how the Virgin Pension meets or beats these standards.
Stakeholder standards | Virgin standards | |
---|---|---|
Ongoing charge | 1.5% maximum | Up to 1.0% of the value of your fund |
Other charges | None | None |
Minimum payment | £20 | £1 |
Penalty charges for starting, stopping or changing payments | None | None |
Investment choice | Simple and easy to understand | Simple and easy to understand |
Lifestyle option | As you near retirement, your investment automatically gets moved into a less volatile fund | As you near retirement, your investment automatically gets moved into a less volatile fund |
Transfers to other providers | Free | Free |
Statements | Annual | Twice yearly + 24/7 online |