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James Hay reveals RDR Sipp prices

James Hay has revealed the RDR-ready charges on its Sipp products through the James Hay Investment Centre platform.

Clients will be charged 0.18 per cent for assets up to £500,000, 0.15 per cent on assets between £500,000 and £1m and 0.05 per cent on assets over £1m.

There will be no charge for online transactions and £20 for paper transactions. The new charges will apply to new business from 1 January, 2013.

Existing clients will be moved onto the new charges when a “trigger event” occurs after 31 December. The 10 “trigger events” include investment switches, new contributions and change of adviser.

Existing clients will not move to the new structure until 1 March at the earliest.

James Hay managing director Tim Sargisson says; “For Sipp clients who access James Hay’s platform, we will be moving to a completely transparent pricing model where we will return 100 per cent f the rebates paid to us by fund managers back to your client’s product bank account.”

Radcliffe & Newlands chartered financial planner Mel Kenny says: “I was surprised at the low level James Hay has set its pricing here and I think it certainly warrants further investigation.”

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