SIPP fees and charges vary from provider to provider. Active management of your pension investments will invariably result in higher fees.
The main SIPPs fees and charges include:
- Set-up fee – This can cost up to 500 € to establish
- Annual management fee – This is an annual charge that can vary between 500 € to 1,000 € depending on the provider.
- Dealing charges – Each time you buy and sell an investment you pay a fee. This can be up to 15 € per trade.
Overseas Transfer Charge
One of the attractions of a SIPP over a QROPS relates to the Overseas Transfer Charge. There is a 25% tax on transfers if you live outside Europe. In general, residents of Europe/European Economic Area (EEA) countries are exempt from this charge on pension transfers. This may change now that Britain has left the EU.