In running copy or headings use "charges" and avoid "fees". For example, don’t use "Our charges and fees" in a heading when "Our charges" does the job.

The exception is when referencing the specific name of a charge, such as  "Monthly flat fee" - a charge applied to Smart Pension Master Trust members.

We say:

‍“Monthly flat fee – we charge this fee to cover the time spent and technology used in administering your pension. If you no longer contribute to your Smart Pension account and your savings are worth less than £100, we won’t charge this fee.”

For Annual Management Charge, we say:

‍“Annual Management Charge (AMC) – we charge a small amount as a percentage of your investments each month for managing and investing your pension. Some investments have extra operating costs which we add to the AMC. This total charge is called the Total Expense Ratio (TER).”

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