A pensions firm has started a new fee schedule for its Sipp, which it claims will simplify charges.

Momentum Pensions said there had been demand from advisers to see greater transparency on charges and the level and number of fees.

The company reported its new schedule features only an annual fee to cover the day to day administration of the scheme and a variation fee if changes are made to the policy.

A standard money out fee would apply to cover the cost of moving money away from Momentum but switches to other schemes offered by the group remain free, the firm stated.

The move comes just six months after the Momentum Sipp’s UK launch.

John McCreadie, head of sales (UK) at Momentum Pensions, said: “Transparency over charges and the level and number of fees are crucial to advisers and their clients and that has been the strong message coming back to us since launch in June.

“We have adjusted our fee schedule to address their needs and will continue to ensure we are as transparent as possible. As a new provider we do not have the legacy issues others do and are able to adapt quickly to what advisers and clients are telling us.”

The Momentum Sipp is managed from the Group’s Manchester office and accepts a minimum transfer value of £40,000.