PensionsDec 30 2015

Xafinity offers free Sipp to Sipp property transfer

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Xafinity offers free Sipp to Sipp property transfer

Xafinity is offering to transfer land and property into its self-invested personal pension for free.

From 4 January 2016 to 31 August 2016 Xafinity will be waiving its ‘property setting up fee’ of £850 and value added tax per property.

The firm added the offer includes all acceptable Sipp and Ssas commercial property and land assets, but excludes those with an existing mortgage.

Already, Xafinity offers a free check of any property assets that prospective applicants are considering transferring.

These checks include environmental initial assessment, flood risk check and residential element check.

Andy Bowsher, director of self-invested pensions at Xafinity, said: “The FCA has made it clear it expects a number of Sipp providers to fail in the face of its new capital requirements.

“It is also well known in the adviser community that some Sipp and Ssas providers are struggling to provide a competent level of customer service, especially on property assets held.

“Advisers also tell us that fees are being increased by some providers for holding property/land, so it is a double whammy for clients – poor service and increased fees.”

Steven Robinson, managing director at adviser firm Clarke Robinson & Co, said: “I am pleased to see that Xafinity are taking this action and helping Sipp members worried about the effect on their property held with providers who might struggle in the future.

“Hopefully this will spur other providers to take the same action.”