Pension specialist and self-invested personal pension provider Momentum Pensions has made the charging on its UK Sipp simpler in response to feedback from advisers and clients.
The firm has introduced a simplified schedule for the Momentum Sipp just six months after its UK launch to ensure it stays ahead of the demand for clarity on charges in the Sipp market.
Momentum launched its first UK Sipp in June this year.
The new fee schedule features just one annual fee to cover the day to day administration of the scheme and a variation fee if changes are made to the policy.
A standard money out fee would apply to cover the cost of moving money away from Momentum Pensions.
However, movement to other schemes offered by the group remain free.
John McCreadie, head of UK sales at Momentum Pensions, said: “Transparency over charges and the level and number of fees are crucial to advisers and their clients and that has been the strong message coming back to us since launch in June.
“We have adjusted our fee schedule to address their needs and will continue to ensure we are as transparent as possible. As a new provider we do not have the legacy issues others do and are able to adapt quickly to what advisers and clients are telling us.”