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Ascentric cuts Sipp fees ahead of drawdown price review

Ascentric has cut charges on its flagship Sipp product, the Ascentric Pension Account, as the wrap platform looks to capitalise on growth in the market.

Ascentric has removed its Sipp establishment, previously £150, and reduced its ongoing annual charge from £150 a year to £100.

In addition the firm has scrapped its transfer-in charge, which was previously set at £50 per transfer and was capped at £200.

All other charges are unchanged, although Ascentric says it will review its income drawdown fees following Budget changes that are expected to boost the market.

Ascentric managing director Hugo Thorman says: “The Sipp market continues to grow dynamically in the UK, driven in some way by the active shift to platforms for new savings business and by the further boost given in the recent Budget changes.

“As always, we are determined to keep our pricing sharp and competitive in this space.”

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