Dentons Pensions has waived some of its fees for in-specie transfers to help clients with the overall cost of transferring to a new provider.
From January 8 until March 31, 2024, Dentons will not charge its usual Sipp establishment fee or its commercial property in-specie transfer-in fee.
According to the provider, this could represent a saving of more than £1,000 on Dentons’ standard fees.
Dentons has also streamlined its paperwork for in-specie transfers and has created a dedicated page on its website for the purpose.
Dentons’ director of sales and marketing, David Fox, said: “We receive large volumes of enquiries from advisers and clients who are desperate to move away from their current Sipp providers."
He said it was important to help clients with "the overall cost of transferring", as well as to "share the burden and waive not only our property transfer in-specie fee, but also the fee for establishing a new Dentons’ full asset Sipp.
“Together, these fee concessions represent significant savings and they will hopefully help clients to make the move that they are so keen to make.”
According to Dentons, recent failures of Sipp providers and poor service levels has meant more clients are looking to transfer from their existing provider.
The firm explained that in many of these cases, members own a commercial property in their Sipp, which they want to keep upon transfer, rather than sell it and transfer in cash.
This is known as an “in-specie” transfer.
But the issue with doing this is that it is more expensive to effect an in-specie transfer than a cash transfer. This is because the work involved is more complicated and time-consuming.
Last year, FT Adviser reported on other Sipp providers cutting fees and charges to help people amid the cost-of-living crisis.
amy.austin@ft.com
