TER (Total Expense Ratio)
An older name for the OCF (Ongoing Charges Figure) — the total annual cost of a fund. The term TER is still widely used but has been officially replaced by OCF.
The TER and OCF measure the same thing — the annual cost of investing in a fund, expressed as a percentage of the fund value. The terminology changed because TER was confusing (it didn't actually include ALL expenses). OCF is the current industry standard and is supposed to be more comprehensive, though some costs (transaction costs, performance fees) are still excluded.
When comparing pension providers, make sure you're looking at OCF rather than TER, and that you're adding it to the platform/AMC fee to get the true total cost.
This calculator provides estimates based on 2025/26 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.
For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.