Simplifying our product charges

We have identified that the current charging structure of your SIPP is quite complex and can sometimes be difficult to understand. We are therefore simplifying it.

We also want to ensure that customers using the same service or feature for any of our different products pay the same amount for them. We are therefore bringing some of the terms and conditions of your SIPP into line with those of our other SIPP products.

In addition, we want to make sure that charges reflect the cost and risk of the investment options provided, as some investments (for example property) cost more for us to manage and are only used by some customers. We do not believe it is fair for other customers to subsidise these costs.

If we have a financial adviser recorded against your product, they will have been given advance notice of the changes and should be able to help you understand them. We therefore encourage you to contact your adviser (where appointed) in the first instance.

We are aligning the application of these charges with our other products. To avoid charging you twice at the same point to make this transition, we will take a payment at the mid-point of the applicable charging period, before applying the charges in advance when they next fall due.

Please see these tables for confirmation of how charges will be applied, depending on how you are using your SIPP and the month of your plan anniversary.

The Average Weekly Earnings Index reflects the average change in the level of wages in the UK over time.

Please speak to your financial adviser in the first instance, or see the product information available in the literature section of our website.

You should ensure you have read your letter in full, as well as the enclosed charges schedule. We also strongly suggest that you speak to your financial adviser (where appointed) to consider whether your SIPP continues to meet your needs.

If you are happy with the changes we are making, you do not need to take any further action.

If you are not happy with the changes, you can transfer your SIPP to another provider. If you notify us that you wish to transfer out by 30 November 2020, we will waive any additional product charges incurred as a result of these pricing changes. If you hold a property in your SIPP, we will also waive the property transfer out charge. However, there will be other costs associated with transferring a property for which you will be liable. Your new provider may also apply a charge for opening a SIPP with them.

If you wish to transfer your current SIPP to another provider, please read our ‘Guide to Transferring Away from James Hay’ which is available on our website, or call us on 03455 212 414 and we will send you a copy.