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    • Home • Advice • Common questions

    What is the cost for setting up a SIPP?

    12 May 2022

    Question by Dominic

    What is the cost for setting up a SIPP?

    Answered by Boring Money

    Hi Dominic,

    Thank you for your question.

    This will depend on how you set up your SIPP - if you do everything yourself, providers don't normally charge a fee. There might be a small admin fee though. You will then generally pay ongoing fees. These can vary between providers - they may include a quarterly fee such as £25. More often, SIPPs will charge similar to a platform with a percentage charge. This means you'll be charged a % of the fund value you hold within the SIPP each year.

    If you set up a SIPP through a financial adviser, this will depend on how the adviser charges. For example, many IFA's will look to provide a financial plan first, rather than order-taking. This ensures your money has a purpose and of course, if a SIPP is the best solution.

    For some clients starting out, we would charge a SIPP set-up fee of £1,250.00. This covers the advice, implementation and like many advisers, we have preferential terms with providers (lower charges).

    I hope that helps for now.

    Oliver

    Answered by

    Boring Money

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    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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