You will remain invested in the same funds in IPS and will continue to pay an OCF on each fund. However, from 1 April 2016, the IPS Fee will be replaced by an IPS Platform Charge. Your current IPS Fee will be returned to you as a rebate after deduction of tax as additional units into the fund where you have your largest investment, to ensure you’re not charged twice for Legal & General’s services.
Your new annual IPS Platform Charge is a fixed percentage based on the value of your IPS holding. It will be charged separately and collected monthly from your IPS Cash Account. Legal & General will confirm your charges in their letter to you. Please note, units may be sold from your investments to pay the IPS Platform Charge. Any other separate charges you pay on these funds will continue unchanged.
At the same time, here at Nationwide we are reducing the commission we receive on some funds as part of our ongoing commitment to deliver value for money to our members. From 1 April 2016, you will pay no more than 0.50% Nationwide commission per fund.