Member Fee

Scheme Expenses can be expressed as a fixed amount (which is inflated at the Scheme overall inflation rate) in respect of each remaining member in the Scheme.

The inflating fixed amount per member is an attempt to represent a Scheme Fee for an open fund where no replacement of members has been used as the amount for each member decreases each year as the member decrements but the level of expense would (in theory) be maintained by new entrants to the fund.