US-owned investment manager Vanguard has added a drawdown option to its SIPP-based Personal Pension plan.
The company says there are no additional charges for drawdown beyond the 0.15% account fee.
According to the company, an investor in drawdown with the median UK pension pot of £210,000 could save £7,168 more through the Vanguard Personal Pension versus the highest cost drawdown provider on the market over a 10 year period.
The 0.15% account fee is capped at £375 a year and covers all accounts in an investor’s name on Vanguard Personal Investor, including the SIPP, ISA and general account.
Investors have access to 78 diversified funds and Exchange Traded Funds (ETFs).
Vanguard Personal Pension, a SIPP plan, was launched earlier this year and is available through Vanguard UK Personal Investor.
Sean Hagerty, head of Vanguard, Europe, said: “Particularly in a time when economic conditions might be difficult, investors are best served by focusing on what they can control. Nobody can control the markets, but they can control what they pay to invest.”