13 April 2007
Average set up fees for Self-Invested Personal Pensions (SIPPs)
have been cut by up to 13 per cent in the past year as competition
increases in the booming market following a period of unbridled
success, according to financial research company Defaqto.
Defaqto also predicts that "downward pressure" on other charges
including administration fees and investment transaction fees will
continue as clients and their advisers focus on value for money in
Defaqto's report 'SIPPS in the UK 2007- Let battle commence'
shows average set-up fees for initial investments of £50,000
have fallen from £306.23 last year to £266.57 now and
for £100,000 investments from £299.74 to £261.73.
For initial investments of £200,000 and above the average
set-up fee is now £255.70.