Specialist pension provider Yorsipp is ditching “transfer out” fees for UK based schemes.
Yorsipp said recent figures point to excellent operational performance with 95 per cent achieved for the year to 30 September and a 100 per cent uplift in new business for the first six months of this trading year.
The firm recently unveiled its new “Auto Invest” option, which it claimed was a first in the Sipp market, and the business has also focused heavily on its transparency agenda, drawing from best practice in the DB and third party administration markets.
Alongside this, Yorsipp has also recently boosted its business development and operations team with three new senior hires. The new appointments include Gareth Jones and Andy Thewlis as business development managers for the north-west and Yorkshire and north east respectively.
Kenneth Henderson has also been appointed as technical and compliance officer.
Mark Canning, head of business development at Yorsipp, said: “We have invested significantly in all aspects of our proposition over the past 12 months in a bid to bring institutional quality to the retail market.
“We believe our decision to remove all transfer out fees is another effective way to improve transparency in the Sipp and Ssas market and ensure clients understand what they are paying off.
“Our national expansion programme has kicked off with three strategic hires for our business. Gareth, Anay and Kenneth are all great additions to our business and each bring a wealth of technical expertise in their respective fields.
“This is further demonstration of both our appetite and commitment to the evolving market to attract the best talent in the sector to Yorsipp.”
FTAdviser asked rivals AJ Bell and Barnett Waddingham if they had any plans to change their charging structure at this time.
A spokesperson for AJ Bell said: “We always monitor our charging structure in line with the market but we don’t have any changes planned at this time.”
Andy Leggett, head of Sipp business development at Barnett Waddingham, said: “We currently have no plans to remove transfer out fees, however we continually review our fee structure so may consider this as an option in the future.”