The difference between the price at which units are purchased (the offer price) and the price at which they are redeemed (the bid price) is generally known as the bid/offer spread.
In practice, the published unit offer price is normally the corresponding unit bid price multiplied by 100/95, the result being rounded to the 0.1p above i.e. the Bid/Offer spread is 5%.
Trustee Investment Plan (1997 Series), Flexible Retirement Portfolio and Premier Pension Plans do not have a bid/offer spread.
Pre-Premier personal pensions, FSAVCs and Section 32 plans have no bid/offer spread from 6th April 2001.