Pension providers charge an annual management charge, which covers the cost of managing and investing your pension savings scheme.

This charge will be made annually, either as a percentage of the value of your pot or as a set amount. The charge amount varies across pension providers. Some providers are more actively managed and specialise in their approach to investments and may have higher fees.

The charges are typically taken directly, which means that there’s no additional cost to the pension member. Workplace pension holders have a capped management charge of 0.75% of the investment. So, for each £100 invested, the annual management charge can be no higher than 75p.

Profile Pension's fees are explained here.