SIPP provider Momentum Pensions has enhanced the transparency of charging on its UK SIPP in response to feedback from advisers and clients.
It has introduced a simplified new schedule for the Momentum SIPP just six months after its UK launch to ensure it stays ahead of the demand for clarity on charges in the SIPP market.
Momentum launched its first UK SIPP – the first to offer the option of switching for free within a multi-jurisdictional proposition – in June 2016.
The new fee schedule features only an annual fee to cover the day to day administration of the scheme and a variation fee if changes are made to the policy.
A standard money out fee would apply to cover the cost of moving money away from Momentum, however movement to other schemes offered by the group remain free.
John McCreadie, head of sales (UK), Momentum Pensions, says: “Transparency over charges and the level and number of fees are crucial to advisers and their clients and that has been the strong message coming back to us since launch in June.
“We have adjusted our fee schedule to address their needs and will continue to ensure we are as transparent as possible. As a new provider we do not have the legacy issues others do and are able to adapt quickly to what advisers and clients are telling us.”
The Momentum SIPP launched with a wide variety of discretionary fund manager (DFM) investment partners in place, and has added more since June with others waiting to be signed up.
The Momentum SIPP is managed from the group’s Manchester office and accepts a minimum transfer value of GBP40,000.
