How we worked it out

The Lang Cat is an independent financial services consultancy. It used its expertise to develop representative charge scenarios for older style pension contracts that were then used to make comparisons to the ii SIPP. The charges for any older-style pension you hold will depend on your personal circumstances and so are likely to be different (higher or lower). You will need to review the charges for your own pension to understand what transferring might mean for you.

For the typical 2000s personal pension fee savings example

The lang cat assumed:

  • Ongoing charges for the ii SIPP are £19.99 a month (£9.99 Investor Service Plan fee plus £10 SIPP fee) and the investor chooses a passive investment with a representative charge of 0.22%
  • Ongoing costs for the 2000s era personal pension are 0.75% (assuming an unbundled charging structure consisting of product charges starting at 0.3% for this example and 0.45% investment charge)
  • The initial value is £150,000
  • Ongoing contributions of £200 are made each month
  • Those contributions, and ii’s fixed fees, rise each year in line with inflation, which is assumed to be 2%


For the example case studies

The lang cat assumed:

  • Future investment growth will be at 5%. This is for illustration only and is not guaranteed. Investment returns can go down as well as up.
  • The transfer is to an ii SIPP on the Investor service plan, so ongoing charges are £19.99 a month (£9.99 Investor Service Plan fee plus £10 SIPP fee)
  • For customers who prefer active investment, their annual investment costs at ii would be 0.77%. This is the annual investment cost of the Royal London Sustainable Diversified Fund from the ii ACE 30 ethical investment range.
  • For customers who prefer passive investment, their annual investment costs at ii would be 0.22%. This is the annual investment cost for the Vanguard LifeStrategy range from the ii Quick Start investments shortlist.
  • The ongoing charge scenarios in the older-style plans used for each individual case study are as described below
  • Trading and other event related charges are not covered.

For Hilary:

  • She was in a trust-based, defined-contribution occupational pension scheme.
  • That 0.62% in total product and investment charges is reasonably representative based on Department for Work and Pensions (DWP) research in 2015.
  • See Hilary’s case study

For Satpal:

  • As Satpal was in a stakeholder pension the total product and investment charges assumption used in his case is based on the price cap set for those.
  • After a stakeholder pension has been held for 10 years or more (which would be the case for Satpal) this is currently 1%.
  • See Satpal's case study

For Lena:

  • Her older workplace pension schemes were both Group Personal Pension contracts.
  • That 0.81% in total product and investment charges is reasonably representative for this type of scheme, also based on Department for Work and Pensions (DWP) research in 2015.
  • See Lena’s case study


Could you save £1,000s in fees?

You’ll need to review the costs of your own pension to discover exactly how much you might save, but the findings of our study are clear. If you have built up a good pension and are confident making your own investment decisions, you could be significantly better off with an ii self-invested personal pension (SIPP).


Use our toolkit to find how to review your old pensions.

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Open a SIPP or add one to your existing account.

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Start your online transfer when you are ready.

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Act now and save an extra £60

Open a SIPP by 31 May and pay no SIPP fee until December 2021. This means your service plan fee covers you for all of your investment accounts. Following the offer period, the ii SIPP fee is only £10 a month more.  Terms apply

The ii SIPP is aimed at clients who have sufficient knowledge and experience of investing to make their own investment decisions and want to actively manage their investments. A SIPP is not suitable for every investor. Other types of pensions may be more appropriate. The value of investments made within a SIPP can fall as well as rise and you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (age 57 from 2028). Prior to making any decision about the suitability of a SIPP, or transferring any existing pension plan(s) into a SIPP we recommend that you seek the advice of a suitably qualified financial adviser. Please note the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future.

Promotional SIPP offer terms and conditions

  1. No SIPP fee shall be payable on all new ii SIPP accounts opened on or after 1 October 2020 for six calendar months (the "Fee Free Period"). After the Fee Free Period has ended, the SIPP fee you will be required to pay will be as set out in our then current Rates and Charges.
  2. The Fee Free Period is open to new and existing customers who open a new ii SIPP account on or after the qualifying date.
  3. These terms and conditions should be read in conjunction with the ii SIPP Terms. In the event of a conflict between these terms and conditions and the ii SIPP Terms, these terms shall prevail.
  4. All other fees associated with managing your ii SIPP account shall continue to apply.
  5. We reserve the right to alter, withdraw or amend the Fee Free Period and/or these terms and conditions at any time without prior notice.
  6. All participants opening an ii SIPP account on or after 1 October 2020 agree to be bound by these terms and conditions.
  7. Interactive Investor Services Limited (“IISL”) is the promoter of this Fee Free Period offer. The registered office for IISL is Exchange Court, Duncombe Street, Leeds LS1 4AX.