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Standard Life increases Sipp drawdown charges

Standard Life has made a series of price tweaks to its Sipp wrapper including raising drawdown charges for investors holding off-platform assets such as property and listed securities.

The changes, which apply from 1 November, will see ‘pension fund withdrawal’ charges for portfolios containing non-custody assets increase alongside a series of other charges including in-specie transfers, administration and charges that apply to property.

The drawdown set-up charge has also risen from £182 to £189, while the annual drawdown charge has increased from £104 to £108.

Rival platforms have recently cut or removed drawdown charges.

Standard Life says the charges represent a 4 per cent rise in costs to reflect costs of running Sipps with off-platform assets.

Head of customer consolidation Alistair Hardie says: “Standard Life reviews its costs and expenses each year for managing off-platform Sipp investments. The review this year concluded a 4 per cent increase is appropriate and this will apply from 1 November.

“This is the first increase for our customers in nearly three years. The increase will apply to around 13 per cent of our customers who hold investments off-platform, for example in commercial property, stocks and shares and trustee investment plans.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. wow – these charges are amazing. I supposed those who advise on pensions might find them normal but to me they sound like highway robbery. £276 just to transfer in specie ? absolutely amazing.

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