LV= has reduced charges on its self-invested personal pensions (SIPPs) worth between £350,000 and £1m from 35 to 20 basis points (bps), a decrease of more than 40%.
Charges on the other SIPP pension bands remain unchanged. The first £75,000 will continue to be charged 55bps, those with between £75,000 and £350,000 will pay 35bps. Customers with more than £1m pay 10bps. The changes, which are the result of a regular review of the company's pricing structure, came into effect on Monday. LV= head of distribution for retirement Steve Lewis said: "We believe this reduction makes us a very attractive proposition to customers with pension pots of around half a million." Lewis explained that the company was keen to attract more business in this middle...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
