Barclays Stockbrokers has cut the charge on its self-invested personal pension (SIPP) just weeks after revealing its clean pricing structure.
New and existing SIPP investors will be charged an administration fee of £155 plus VAT per annum, reflecting a 23% discount on the previous charge of £200.
This administration fee comprises of a £30 investment account charge payable to Barclays Stockbrokers and a wrapper fee of £125 plus VAT which is paid on to the administrator, AJ Bell.
Barclays Stockbrokers will continue to waive its SIPP administration fee if a client is fully invested in funds.
Barclays Stockbrokers director Alastair Thaw said: "The Retail Distribution Review has provided us with an opportunity to revise not only our funds charging structure but also our SIPP and ISA account charges and our online dealing commissions. Our aim is to provide our clients with pricing that we believe to be clear, simple, fair and competitive.
"This latest fee reduction, combined with the lower cost of investing in funds through clean share classes, and our decision to actively convert existing fund holdings into clean share classes, makes our offering great value for investors."
Barclays Stockbrokers revealed its clean pricing structure in January, introducing an annual management charge (AMC) of 0.35% as it became the latest platform to undercut Hargreaves Lansdown's headline charges.
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