A reader asks: I have a SIPP from which I drawdown amounts as a pension.
The SIPP is invested. Sanlam have managed the investments for many years, and they used MC Trustees as SIPP administrators. MC Trustees were acquired by Mattioli Woods.
Mattioli Woods charge me on a flat rate basis which has become expensive compared to the reduced size of the fund. Sanlam have confirmed that I can use an alternative to Mattioli and I am therefore exploring options. Can you help or provide relevant services please?
Answer: From talking to providers, it seems that it is unusual to change SIPP administrator while retaining the original SIPP investment services.
However, since Sanlam has said this is possible, your best course of action is to work with them as your existing provider to facilitate this change.
In terms of finding a new administrator, it depends on the ones available through Sanlam. Again, you will need to talk to your provider to find out how this will work and whether it incurs fees or charges.
There are sites available that compare administration costs within the wider SIPP provision.
However, such comparisons may not be may not be relevant unless Sanlam offer the particular administrator you prefer. Ultimately comparison sites tend to compare the cost of administration wrapped into the entire SIPP fee.
In this instance you need to revert to Sanlam and be clear in the different administration options they offer and talk to an IFA abut the possible transfer options, including the costs and fees.
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