Bringing you live news and features since 2006 

Momentum addresses multiple-owner property fee concerns

RELATED TOPICS​

Investor concern about complex charges when joint owners are buying commercial properties for their SIPPs is being addressed by Momentum Pensions, the pension specialist and SIPP provider.

It has launched detailed fee schedules for its Momentum Property SIPP providing complete transparency for customers looking for complex solutions in response to growing concern from advisers and clients.
 
The Momentum Property SIPP allows commercial property investment with fee structures that have charges clearly stated upfront for single properties owned by one SIPP member and for Multiple Properties jointly owned by two or more SIPP members.
 
Advisers warn that meaningful comparisons cannot be made for clients due to complex fee structures, with no commonality between providers.
 
Momentum’s new fee schedule enables clients and advisers to estimate charges and receive a bespoke quote before committing to transactions and Momentum plans to add a calculator to its website to provide further support.
 
The changes are part of the ongoing evolution of Momentum Pensions’ enhanced SIPP range launched following feedback from advisers and clients highlighting the need for transparency on charges and the level and number of fees.
 
John McCreadie, Head of Sales (UK), Momentum Pensions, says: “Advisers continue to highlight the need for clarity over charges in the SIPPs market and our research has shown that over two thirds have been surprised by unexpected charges since the start of the year.
 
“There is a particular lack of clarity in the property purchase market which whilst being admittedly more complex, also arguably has the least clearly defined fees and particularly where there are multiple owners.
 
“It is reasonably straightforward where one property is being bought by one SIPP but where there are multiple owners or multiple properties being considered the complexities and confusion over costs can spiral enormously in the market.
 
“Out rationalised approach minimises arising or time-based costs and is clear on what services are being paid for and when and we will be adding a calculator that helps estimate and illustrate potential costs in these scenarios.”
 
Momentum has a pedigree in the SIPP market stretching back over 20 years and is established as a top 20 provider in the UK.
 
The Momentum SIPP Range is administered in Sale, Manchester and is backed by a highly skilled team with servicing and technical expertise, including property transactions, within the specialist pension market.
 
It was the first company to offer the option of switching for free within a multi-jurisdictional proposition.

Latest News

Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, according..

Related Articles

Sal Esposito, Zacks Investment Management
Zacks Investment Management started doing investment research in 1978 and in 1992 started its investment management arm, initially with SMAs...
Jeremy Senderowicz, Vedder Price
Jeremy Senderowicz, a member of the Investment Services Group at law firm Vedder Price, has witnessed a steady upswing in...
Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by