Standard Life is to raise its Sipp fees by 4% from next year while adding two extra charges.
The Edinburgh-based insurer said the price hike will kick in from 1 January 2011, as will a £175 charge for setting up drawdown and £750 fee for early transfer out. It will also introduce a drawdown annual review service from March 2011 which will cost £100.
Standard Life will also offer customers the option to use their own solicitor when dealing with commercial property inside their Sipp for a £640 fee.
It said it had only increased its Sipp charges three times since the launch of the product in 2004. ‘This is only the third time we have increased charges since our Sipp launched in 2004,’ said Alistair Hardie, head of Sipp at Standard Life. ‘To give this some context, our one-off set up charge for full Sipp options has increased by £13 and our yearly administration charge by £17, an extra £1.40 each month.’
Standard Life has drawn fire in the past for tweaking its charges. A plan to levy a £240 annual charge on Standard Life wrap customers was introduced in April 2009 but was quickly dropped.