SIPP fees down 13pc in last year

Downward pressure on administration and investment transaction fees has pulled prices down according to the company, and it believed the trend showed no signs of abating. Matt Ward, Defaqto’s group head of pensions and wealth management, said: “SIPP providers have historically not been under much pressure to reduce charges, but now the tide has turned every penny counts and value for money needs to be proven.” Defaqto’s report revealed average set-up fees for initial investments of £50,000 have fallen from £306.23 last year to £266.57, while for larger sums prices have also dropped, b...