Pension and wrap provider James Hay Partnership has unveiled its post-Retail Distribution Review (RDR) platform pricing model for its self-invested personal pension (SIPP) Investment Centre.
The firm said its existing flat fees for SIPP administration would remain unchanged.
SIPP clients who access its Investment Centre fund platform will be moved to a the pricing model where James Hay Partnership returns 100% of fund manager rebates back to the client's product bank account.
It said its effective annual management charges on the funds would reduce. The platform administration costs will instead be deducted from the cash account as a percentage of the assets held in Investment Centre funds:
|Value of Investment Assets||Charge|
|On the first £500,000||0.18%|
|On the next £500,000 up to £1m||0.15%|
|On assets over £1m||0.05%|
|Online transactions||No charge|
|Paper transactions||£20 each|
The firm said the new unbundled approach would be introduced for new clients from 1 January. Existing clients will be switched after the first trigger event post-31 December.
It said although rebates will be returned back to the client's SIPP product bank account from conversion, the new charges will not commence until 1 March at the earliest.
It added the new charge will only be applied to funds held within the Investment Centre and will not be charged on cash or any other investments held within the SIPP.
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