Savings and investment service Wealthify today introduces tiered fees for its Self-Invested Personal Pension (SIPP). Its management fee will be 0.6% for the first £100k, reducing to 0.3% on balances thereafter, and covers ongoing management by Wealthify’s team of investment experts.

The announcement comes as Wealthify research finds that a large majority (71%) of pension savers don’t know what they are paying in fees - or didn’t realise they paid any fees at all.1

The reduced 0.3% fee on the portion of a pension over £100k is available to new and existing customers from today via Wealthify’s award-winning app and website.

This means that customers can access a diversified SIPP – managed by Wealthify’s team of investment experts – at a competitive price. Other SIPPs with ongoing management are typically more expensive, with cheaper options either requiring customers to research, select and manage their own investments, or use a fixed asset allocation with very little ongoing investment management.

Wealthify CEO Richard Ambrose comments: “I’m thrilled to announce Wealthify’s new tiered pension fees today, designed so that pension savers can keep more of their hard-earned money.

“Too many people are unaware of what they are paying in fees. It’s our duty as pension providers to make this clear. Fees are charged as a percentage of the pension pot, so the more you put in, the more fees will eat into your retirement savings.

“Whatever stage people are at with their pensions, I hope Wealthify’s new tiering inspires them to review their fees and vote with their feet so that they aren’t paying more than they need to.”