View more on these topics

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.”

SL charges
SL charges2

Newsletter

News and expert analysis straight to your inbox

Sign up

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.

Leave a comment