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19-02-2020

Vanguard launches low-cost SIPP for D2C market

Vanguard has launched a self-invested personal pension for D2C investors with account fees of 0.15%.

The SIPP is initially open to accumulation investors only, with fees across all accounts, including SIPP, ISA and GIA capped at £375. The firm said drawdown capabilities will be added in the 2020/21 tax year.

Those using the platform can access 77 of Vanguard's own funds, including its exchange-traded funds, LifeStrategy range and Target Retirement Funds.

If a saver were to invest £40,000 on the Vanguard platform and invest in the Target Retirement Fund, consultancy firm Platforum said they would pay £172 in fees for that first year - equivalent to 0.43%. That would invlude fund fees, transaction costs and the SIPP charges.

According to Platforum that figure compares to £283 for the average platform.

Vanguard head of Europe Sean Hegarty said: "We are very excited to launch the Vanguard Personal Pension, a pension designed to reduce the cost and complexity of saving for retirement. An individual's savings often represent a lifetime's effort, yet many investors and retirees lose out on their own hard work to high fees and charges. Fees can have a sizeable impact on investment returns, and consequently on the quality of life in retirement."

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