High costs hinder SIPP property transfers

SIPP property investors are finding it harder and harder to move providers because of the unexpected high costs involved, according to Suffolk Life.

Often SIPP property owners want to move providers in order to reap the benefits of improved terms, costs and services. However advisers are increasingly being hindered by the costs involved in the transferral of their clients’ commercial properties.

Suffolk Life head of marketing Dominic Savage said: “The ongoing servicing of the property and SIPP may be cheaper and more efficient with the new provider but unexpectedly high costs make it difficult to justify a move. This is in spite of all the other involved parties – valuers, solicitors, new SIPP provider – working together to smooth the process and be flexible on costs.”

The company’s head of marketing Greg Kingston stated that with high fees and sometimes opaque transaction fees surrounding property investment “advisers and investors should question fees that appear to be unclear or not reasonable for the work required under TCF outcome 6 if necessary."

    Share Story:

Recent Stories


CDC in the UK pensions market
Pensions Age editor, Laura Blows, talks to Sophie Dapin, Director, Institutional Solutions EMEA at BlackRock, and host of BlackRock’s Rewiring Retirement podcast, about the growing interest in collective DC in the UK pensions market

Podcast: From pension pot to flexible income for life
Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Advertisement