If you have stockmarket assets in your SIPP, check out the six tips below to ensure you're not being ripped off with exorbitant SIPP charges
Are You Paying 12 Times More Than You Need For Your SIPP?
A Sure Way To Grow Your SIPP Is To Cut Its Running Costs
According to The Telegraph, you could be paying thousands of pounds a year more than you need for stockmarket assets in your SIPP.
Simply moving your SIPP from a costly provider to a more competitive firm could leave you with considerably more money in your pension fund, without affecting your choice of stockmarket assets.
Within its article is a table comparing 17 major SIPP platforms on a like-for-like basis. It reveals the costs of running a SIPP from a fund as small as £5,000 to one of £1 million, with a variety of fund sizes in between.
The numbers are staggering.
At £1 million, your annual SIPP fee could £220. Or it could be an astronomical £2,699.
That’s 12 times more!
Actually, you could more than halve that cost!
If you invest your money in passive funds, shares, investment trusts, EFTs, gilts or bonds, check out a SIPP from AJ Bell. You'll pay £100 per year no matter how large your fund (at May 2018).
But it doesn’t end there.
Over the years, the compounding effect of paying way over the odds could wipe out a large part of your retirement fund.
Literally tens of thousands of pounds: money missing from your retirement and unavailable for those you leave behind.
Six SIPP Tips To Help You Save Money
How To Check You're Not Paying Over The Odds In Charges
Check out the charges levied by AJ Bell as it regularly comes out as being the most competitive SIPP operator on the market.
A switch could save you many thousands of pounds over the years, which would be great for you and your family.
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