Momentum's new SIPP to tackle concerns over charges

Momentum Pensions has launched detailed fee schedules for its new property SIPP, as the company aims to tackle increasing concerns over complex charges on commercial properties. The schedules will provide customers with complete transparency and will enable clients and advisers to estimate charges and receive quotes before committing to transactions.Momentum’s Property SIPP will allow commercial property investment with fee structures to have charges clearly stated. These will apply for properties owned by one SIPP member as well as multiple properties jointly owned by two or more SIPP members. The company has made the changes after feedback from advisers and clients, as the firm looks to enhance its current SIPP range. Momentum Pensions is a top 20 SIPP provider in the UK and has been established for more than 20 years. John McCreadie, head of UK sales at Momentum Pensions, said: “Advisers continue to highlight the need for clarity over charges in the SIPPs market and our research has shown that over two thirds have been surprised by unexpected charges since the start of the year. “There is a particular lack of clarity in the property purchase market which whilst being admittedly more complex, also arguably has the least clearly defined fees and particularly where there are multiple owners. “It is reasonably straightforward where one property is being bought by one SIPP but where there are multiple owners or multiple properties being considered the complexities and confusion over costs can spiral enormously in the market. “Our rationalised approach minimises arising or time-based costs and is clear on what services are being paid for and when and we will be adding a calculator that helps estimate and illustrate potential costs in these scenarios”

Momentum's new SIPP to tackle concerns over charges

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