The move, effective from May 1, is in preparation for a process change later this year which will allow protected and non-protected rights funds to be administered on a pooled basis.
Director of sales and marketing John Moret says: “This is good news for Sipp investors. The record keeping implications for protected rights have remained unclear but it now seems unlikely that there will be any further clarification. Consequently we will shortly be prepared to operate protected and non-protected rights on a pooled basis and in recognition of the simpler operational model we have taken the decision to remove the additional establishment and annual administration fees for all new protected rights investments where pooling is adopted.”
The annual administration fee concession will apply to existing investors from their next anniversary.