Suffolk Life has cut its Sipp property fees in a bid to lure customers from rival providers.
The Legal & General-owned pension company has halved its property acquisition fee – which covers all costs relating to buying a property on behalf of a Sipp investor – from £1,450 to £725.
In addition, the firm is waiving both its £300 Master Sipp establishment fee and all cash transfer in fees. Cash transfer in fees usually range from £75 to £300.
The new fee structure is being trialled until the end of June.
Suffolk Life head of marketing and proposition Greg Kingston says: “High exit fees are putting off advisers from recommending a change of provider, and Sipp property investors often baulk at the cost of making the change, even from a provider who’s no longer providing the service they need.
“Controlling overly-high exit fees is a matter for the regulator rather than us, but we can help by reducing our own costs as much as possible to lower the overall cost of a transfer.”
A number of major providers have made changes to their Sipp propositions in recent months.