Historically the cost of the flexibility and choice within a SIPP has been higher than for traditional products. They are however explicit and may prove more beneficial for high value funds and those with higher level contributions as SIPP charges tend to be flat fees instead of a percentage of the fund or transaction. There is usually a set-up fee in the region of £400-£600 and an annual fee of around the same amount. In addition there may be transaction fees depending on the investment decisions you make. There will almost certainly be additional charges for administering capped and flexible drawdown, and for setting up and administering property investments.
One of the attractions of a SIPP is that charges are generally explicit – unlike many historic traditional individual pensions. However, it is still important to look at the small print carefully – for example to check the rates of interest paid on cash deposits within the SIPP.
For a detailed list of costs and fees, you must know which of our SIPPs you have. Your paperwork should tell you this, however you can follow a general rule of thumb depending on when your SIPP was set up.
Please view our literature page for our schedule of fees documents.
If you are at all unsure, please speak to your adviser or usual contact at