SIPP Charges

dunstonh

greatkingrat wrote: »

It is not surprising the costs of autoenrolment pensions are higher than individual pensions. They tend to be used by lower paid employees and the average pot size will be quite small. Many of the admin costs are fixed whether the pot contains £1k or £100k, so in order to make a profit the providers will need to charge higher percentages on the auto enrolment schemes.

True. Which is in part why I said 0.50% as that is still some above the 0.2x% you see on the retail side.

However, pension providers that are pretty naff on the individual side have been heavily getting into the workplace pensions as they see the overall amount on a heavily automated contract/service is quite cheap to run.

stevehux

I have had the figures of my pension pot so far and 2 pensions are £245k and £60K. There are too many restrictions to drawing this down when i reach retirement age in 12 years so i wanted some advice if it is worth moving to a SIPP to have the flexibility.

[Deleted User]

Agreed, government has no business postulating a cap. Transparency- sure. If the market is indeed “failing” as the bill claims then we want to increase competition and surely the cap isn’t the answer.

JoeCrystal

stevehux wrote: »

I have had the figures of my pension pot so far and 2 pensions are £245k and £60K. There are too many restrictions to drawing this down when i reach retirement age in 12 years so i wanted some advice if it is worth moving to a SIPP to have the flexibility.

stevehux, it may be worth for you to set up your thread on your issue rather than hijacking this thread discussing capping the SIPP charges. You won't get any pieces of advice here, just opinions.