Barclays Stockbrokers has slashed fees on its self-invested personal pension (SIPP) following the launch of its clean pricing structure for ISA clients in January.
Under the new fee structure, Barclays will charge SIPP customers an administration fee of £155 plus VAT per annum, down from £200 plus VAT.
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In addition, this administration fee includes a £30 investment account fee payable to Barclays Stockbrokers and a wrapper fee of £125 plus VAT that will be paid to the broker’s administrator, AJ Bell.
However, the SIPP administration fee will be waived only if investors hold funds from the Barclays Stockbrokers Funds Market.
Alastair Thaw, director Barclays Stockbrokers, said: "RDR has provided us with an opportunity to revise not only our funds charging structure but also our SIPP and ISA account charges and our online dealing commissions."
"This latest fee reduction, combined with the lower cost of investing in funds through clean share classes, and our decision to actively convert existing fund holdings into clean share classes, makes our offering great value for investors," he added.
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