Within Genovo, you are prompted to provide the aggregated total charge of a plan as a % within the Plan Charges step of the review and recommendation sections. The Genovo app. will then automatically calculate the aggregated total charge in monetary terms, and display this figure in the charges table included in the step and the resultant report.
The formulas used to calculate the aggregated total charges in monetary terms typically take into account:
- The total amount being invested in the plan over the next 12 months (including regular contributions); and / or
- The current fund value of the plan; and
- For new recommendations, the initial charge in monetary terms is always deducted before the recurring annual charge is calculated.
They don't however take account of any regular withdrawals being taken from the plan over the course of the next 12 months.
Formulas
Here's a summary of the formulas that are used to calculate the aggregated total charge in monetary terms in the various sections.
Investment Review
(Fund Value + Top up Amount + (12 x Monthly Investment)) * Aggregated Total Charge %
Pension Review
(Fund Value + Top up Amount + (12 x Gross Monthly Personal Cont) + (12 x Gross Monthly Employer Cont)) * Aggregated Total Charge %
Review of Retirement Income Plans
(Crystallised Fund Value + Uncrystallised Fund Value + Top up Amount + (12 x Gross Monthly Personal Cont) - Annualised Income) * Aggregated Total Charge %
New Investment Recommendation
Initial
(Lump Sum Investment + Transfer Lump Sum Investment + (12 x Monthly Saving)) * Initial Aggregated Total Charge %
Recurring
(Lump Sum Investment + Transfer Lump Sum Investment + (12 x Monthly Saving) - Initial Aggregated Total Charge £) * Annual Aggregated Total Charge %
New Pension Recommendation
Initial
(Transfer Lump Sum + Gross Single Personal Contribution + Gross Single Employer Contribution + (12 x Gross Monthly Personal Cont) + (12 x Gross Monthly Employer Cont)) * Initial Aggregated Total Charge %
Recurring
(Transfer Lump Sum + Gross Single Personal Contribution + Gross Single Employer Contribution + (12 x Gross Monthly Personal Cont) + (12 x Gross Monthly Employer Cont) - Initial Aggregated Total Charge £) * Annual Aggregated Total Charge %
Drawing Benefits from Your Pension Fund
Initial
(Fund Value - (Tax Free Lump Sum Taken + Taxable Lump Sum Taken)) * Initial Aggregated Total Charge %
Recurring
(Fund Value - (Tax Free Lump Sum Taken + Taxable Lump Sum Taken) - Initial Aggregated Total Charge £) * Annual Aggregated Total Charge %