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 set-up fee, previously £150, and reduced its ongoing annual charge from £150 a year to £100. It has also 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.”
The Platforum managing director Holly Mackay says: “Reducing the flat annual charge will be particularly beneficial to Ascentric clients with smaller funds.
“However, in comparison to similar platforms in terms of cost, Ascentric is now better placed for client portfolios with over £150,000, where the low ad valorem fee compensates for the fixed-fee element of its pricing structure.”