Annex 2

Costs and Charges including Transaction Costs

Costs and Charges Including Transaction Costs

IntroductionCharges within your pension Scheme can be met by a deduction from your pension pot and, in some instances, from a fee paid by your employer. The costs and charges applying to your pension pot are made up of two elements which we’ve shown below.Administration Charges – these are the charges made for running the pension Scheme and investing your money. The administration charge includes charges made by Aviva and the fund manager of the funds your pension is invested in. This charge may sometimes be referred to as the Total Expense Ratio (TER). These charges have been rounded up to 2 decimal places.Transaction Costs – these are the total costs covering “buying and selling” costs and “lending and borrowing” costs. Transaction costs can be split into:

Buying and selling costs: These vary depending on the type of fund you invest in:

Where the charges are shown for a fund managed to an investment mandate set by Aviva UK Insurance, these are the costs incurred in buying and selling units in the Aviva insured fund and the costs incurred by this fund in buying and selling its holdings.

Where the charges are shown for an Aviva insured fund which invests in an external fund these are the annual costs incurred in buying and selling units in the underlying external fund and the annual costs incurred by the underlying fund in buying and selling its holdings

Lending and borrowing costs: These are the costs incurred by either the Aviva Pension fund and/or the underlying fund in lending and borrowing its holdings.

Transaction costs have been calculated using the slippage cost method that the Financial Conduct Authority (FCA) have told all fund managers they must use. Because this method takes into account changes in prices between the time an instruction to buy or sell an investment is placed, and the time the transaction is completed, a negative cost can be calculated. These costs can be found within your employer’s individual total charges disclosure report located on your employer’s specific webpage. These costs have been rounded to 3 decimal places.The Trustees rely on the managers of the funds you’re invested in to provide details of the transaction costs that are deducted from your pension pot. The Trustees are working with Aviva to obtain the most complete data possible. The administration charges and latest transaction costs are shown below. Comments are included where details of transaction costs are limited in any way.What charges have we shown?The charges below are the charges that apply across Aviva Master Trust as a whole. They incorporate both Administration Charges and Transaction Costs. All costs and charges shown are the percentage of a member’s fund that’s taken each year to meet the cost of the charges borne by them as a member. Charges payable by employers are not shown but will be reflected in lower member charges.The charges you pay will depend on which employer’s section you’re a member of. To see the charges that apply to the funds available to you, you should search “<your pension scheme's name> pension charges”. This will take you to a web site specific to your workplace pension. We’ll include a link to the website in your annual benefit statement too. We recommend that you try different search engines such as Bing and Yahoo as well as Google given that searches will be optimised differently by search engine providers.

In the Default column of the Cost and Charges table, it shows where a fund could be part of a Default Investment Option that is applicable for members of one or more of the Sections that are shown within that page of the table.

Costs and Charges for Employer Sections 1 to 53

Costs and Charges for Employer Sections 1 to 53 (cont.)

Costs and Charges for Employer Sections 54 to 61

Costs and Charges for Employer Sections 54 to 61 (cont.)

Costs and Charges for Employer Sections 62 to 69

Costs and Charges for Employer Sections 62 to 69 (cont.)

Costs and Charges for Employer Sections 70 to 77

Costs and Charges for Employer Sections 70 to 77 (cont.)

Costs and Charges for Employer Sections 78 to 85

Costs and Charges for Employer Sections 78 to 85 (cont.)

Costs and Charges for Employer Sections 86 to 93

Costs and Charges for Employer Sections 86 to 93 (cont.)

Costs and Charges for Employer Sections 94 to 101

Costs and Charges for Employer Sections 94 to 101 (cont.)

Costs and Charges for Employer Sections 102 to 107

Costs and Charges for Employer Sections 102 to 107 (cont.)

Costs and Charges for Employer Sections 108 to 115

Costs and Charges for Employer Sections 108 to 115 (cont.)

Costs and Charges for Employer Sections 116 to 123

Costs and Charges for Employer Sections 116 to 123 (cont.)

Costs and Charges for Employer Sections 124 to 125

Costs and Charges for Employer Sections 124 to 125 (cont.)

Costs and Charges for Employer Sections 126 to 133

Costs and Charges for Employer Sections 126 to 133 (cont.)

Costs and Charges for Employer Sections 134 to 141

Costs and Charges for Employer Sections 134 to 141 (cont.)

Costs and Charges for Employer Sections 142 to 149

Costs and Charges for Employer Sections 142 to 149 (cont.)

Costs and Charges for Employer Sections 150 to 152

Costs and Charges for Employer Sections 150 to 152 (cont.)