Ascentric follows Barclays Stockbrokers by cutting SIPP charges

Carmen Reichman

Platform Ascentric has removed the set up and transfer-in costs on its in-house self invested personal pension (SIPP) and cut its annual tax wrapper fee from £150 to £100.

The move follows Barclays Stockbrokers' 23% reduction of its SIPP fees in March, which saw its administration fees reduced from £200 to £155 plus VAT. Ascentric's changes involve the removal of the £150 SIPP establishment charge and £50 transfer-in charge alongside the 33% reduction of the ongoing annual charge. Ascentric launched its in-house SIPP, the Ascentric Pension Account (APA), in 2009, saying it wanted to provide a "simple low cost alternative" to the third party SIPP products available on its platform. The announced changes will benefit 13,000 SIPP accounts collectively c...

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