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Interactive Investor - Notification of SIPP Price Changes
darren72
Posts: 1,310 Forumite
I've just received the following e-mail from Interactive Investor with regards to fees with the SIPP. I presume lots of others have received it too. I just thought I would post it for those who may not have received it yet...
"Upcoming changes to Rates and Charges for your SIPP
Dear Investor
We are getting in touch to let you know about some upcoming changes to our SIPP Rates and Charges which will take effect from 1 November 2018.
What are the changes?
- To align all of our SIPP customers under the same Rates and Charges, your current annual fee of £80 + VAT – the previous charge for holding a Lifetime SIPP - will change to £100 + VAT from 1 November onwards.
- The annual fee for Flexi-Access Drawdown will decrease from £170 + VAT - or for Capped Drawdown £130 (£210 + VAT from age 75) - per annum to £100 + VAT per annum for all drawdown accounts. (The annual drawdown fee continues to be payable in addition to the annual administration fee.)
- The fee for each UFPLS withdrawal will increase from £40 + VAT to £50 + VAT
- If you are eligible, closing a SIPP not already in drawdown under the ‘small pots’ rules with a value of less than £10,000 will incur a charge of £50 + VAT. This replaces the closure fee of £260 + VAT or £360 + VAT if taken in-specie.
The £80 + VAT annual administration fee has been in place since 2014, but administration costs have increased since then, so we hope you will agree the new fee continues to represent excellent value. We also hope you will welcome the reduction in the additional fee payable once you start taking your pension benefits.
Annual fees will continue to be payable in your anniversary month of account opening and commencing drawdown where appropriate, and the new charges will be payable from your next anniversary.
Where to find SIPP charges online
You’ll find a full breakdown on the SIPP charges section of our Rates and Charges, which you can view and download here.
Thank you for investing with interactive investor.
Kind regards
interactive investor"
"Upcoming changes to Rates and Charges for your SIPP
Dear Investor
We are getting in touch to let you know about some upcoming changes to our SIPP Rates and Charges which will take effect from 1 November 2018.
What are the changes?
- To align all of our SIPP customers under the same Rates and Charges, your current annual fee of £80 + VAT – the previous charge for holding a Lifetime SIPP - will change to £100 + VAT from 1 November onwards.
- The annual fee for Flexi-Access Drawdown will decrease from £170 + VAT - or for Capped Drawdown £130 (£210 + VAT from age 75) - per annum to £100 + VAT per annum for all drawdown accounts. (The annual drawdown fee continues to be payable in addition to the annual administration fee.)
- The fee for each UFPLS withdrawal will increase from £40 + VAT to £50 + VAT
- If you are eligible, closing a SIPP not already in drawdown under the ‘small pots’ rules with a value of less than £10,000 will incur a charge of £50 + VAT. This replaces the closure fee of £260 + VAT or £360 + VAT if taken in-specie.
The £80 + VAT annual administration fee has been in place since 2014, but administration costs have increased since then, so we hope you will agree the new fee continues to represent excellent value. We also hope you will welcome the reduction in the additional fee payable once you start taking your pension benefits.
Annual fees will continue to be payable in your anniversary month of account opening and commencing drawdown where appropriate, and the new charges will be payable from your next anniversary.
Where to find SIPP charges online
You’ll find a full breakdown on the SIPP charges section of our Rates and Charges, which you can view and download here.
Thank you for investing with interactive investor.
Kind regards
interactive investor"
0
Comments
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given that I sincerely hope to be in drawdown for a lot longer than I was in accumulation I look on this as positive.
Plus I pay my annual fee in mid Oct so it won't hit for another year
I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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All views are my own and not the official line of MoneySavingExpert.0 -
I also received the e-mail. It didn't stop them from taking £100+VAT instead of £80+VAT from me in July. They still haven't sorted it out.0
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