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.”