There have been some considerable changes to pension legislation in 2015 that the financial services industry is still trying to adapt to. An increase in flexibility is a positive change however historic administrative systems that have been used for years by pension providers have struggled to cope with the speed and severity of change.
As an advisory firm, we have seen an increase in costs by the pension providers as they adapt to recent changes and therefore naturally, this additional cost is passed on to the pension holders.
Alexander Beard has been in negotiation with SIPP Choice (the AMVE$T custodians) and have agreed a solution that has mitigated virtually all of the intended cost increases.
I’m pleased to say there are no Alexander Beard AMVEST charging increases. Starting shortly, our ongoing investment charge will be debited annually from your AMVE$T account, instead of quarterly and this will reduce the amount of administration that SIPP Choice will undertake thus mitigating much of the cost increase.
With this more streamlined administrative solution, we have been able mitigate nearly all of the cost implications of 2015 pension legalisation changes. SIPP Choice are increasing their annual trustee cost by a greatly reduced £30 per annum and that is the total cost increase in 2015.