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Hay axes Sipp charges

James Hay has scrapped charges on new private-client Sipp and eSipp contracts until the end of April.

Private-client Sipp customers with £100,000 or more will be exempt from paying a set-up fee or an annual management charge while eSipp investors – who already pay no set-up charge or AMC – with £50,000 will not have to pay the £50 transfer-in fee.

Investors will save £290 on set-up charges and £455 on admin fees although the AMC will kick in again on the anniversary of the policy. This brings the firm in line with competitors such as AJ Bell and Standard Life, which collect charges on an arrears basis.

Marketing director Andy Pennie says: “During uncertain economic times, it is important that we offer a range of products that are appealing both to customers and IFAs and can help them drive business volumes. We recognise that the tax-year-end period is the most active part of the calendar for Sipp top-ups and also for new business.”

Richard Jacobs Pension & Trustee Services managing director Richard Jacobs says: “This is a positive promotion but there are loads of other factors that should come into play when choosing a Sipp provider, particularly service, and James Hay’s service has slipped.”

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