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New charges on James Hay private client Sipp

James Hay is introducing new charges on its private client Sipp for clients holding assets outside the fund range available on its fund supermarket.

From September, the firm will be levying a 0.2 per cent charge on holdings that it classifies as non-core assets, which include funds outside its own fund supermarket James Hay Investment Centre.

The charges will only be levied where the value of the client’s Sipp is less than £300,000.

James Hay is also making an annual charge for income withdrawals of £150, regardless of the level of income being taken out, rather than its previous policy of charging a £60 set-up fee and £120 annually. It is introducing an annual fee of £200 for investment transactions as opposed to charging £7 per transaction.

Director of key accounts Shaun Sandiford says: “The private client Sipp is the Rolls-Royce version so it is a different pricing model than if you just want the basics.”

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