What is the cost for setting up a SIPP?

What is the cost for setting up a SIPP?

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