Customer upgrade support

Most of our customers will pay around the same on the new Nucleus Platform as they currently do now. Some will have a reduction and a small proportion will experience an increase due to the nature of their investment choices.

• Where can I find charges schedules for current James Hay products?

If you have a financial adviser, speak to them to obtain a copy of your current charges schedule.

You can view standard rate charges schedules either on the: 

• Customer upgrade support hub – visit the Letters and Ts&Cs page, or on the
• James Hay literature library.
   

The Nucleus Platform pricing is simpler than the current James Hay model. It has higher ‘module’ charges but far fewer additional transaction charges. This is a much simpler, more transparent approach – with less scope for unexpected fees.

Investments are complex but how you pay for them shouldn’t be. With the new Nucleus Platform, you’ll will only ever pay for the investments you have, the products you use and the choices you and your adviser make.

Our charges will be split into three main types:

1. Platform charge
2. charges for specific services
3. Additional charges that may apply in certain situations

The platform charge will replace the annual administration charge* and covers costs associated with holding the following assets:

• Platform funds – including those in model portfolios
• On platform exchange traded investments
• Fixed term deposits and notice accounts

It’s charged as a percentage of the value of the assets you hold and there’s no longer a minimum charge.

[* note – The James Hay Wrap currently has a minimum monbthly fee rather than an annual administration charge. This product is being upgraded to the Nucleus Modular iPlan and a platform charge will apply.]

We offer a simple, tiered pricing structure, based on portfolio size.

Charges are lower for higher tiers. This tiered approach ensures that as your investments grow, you benefit from progressively lower charges. There are three, four or five tiers depending on your product. 

The charges schedule we sent you last year outlines the specific rates and tiers that apply to you.

These are charges that apply depending on the products and services you use. They’re for assets that are held off the platform, such as directly held shares and commercial property, and are fixed fees that we charge once a year. You’ll only pay them if you hold assets in these categories.

1. Whole of market
2. Specialist investments
3. Commercial property

Our Simplified, transparent pricing flyer has further details.
 

Other one-off charges

While we’ve reduced the number of charges, there are some one-off fees that apply in specific circumstances, such as offshore bond set up, or the sale or purchase of Exchange Traded Investments (ETI) – which are payable when they take place. These charges only apply when the relevant options/actions are taken so you only pay for what you use.

For commercial property some transactional charges also apply.

Also when you start to access the benefits from your pension, either through a lump sum or regular income payments, then an annual income drawdown charge will apply.

Other annual charges:

• Investment Manager account covers the cost of using an external Investment Manager for a SIPP. For the Modular iPlan, this is accessed via the Whole of Market module.
• Stockbroker account - this fee covers the cost of investing with our stockbroker accounts: EQI and Stocktrade.
• Annual property charge covers the administrative cost of managing the commercial property investments in a SIPP
   

There’s no annual administration charge for platform assets any more. The relevant module fees will cover your administration costs.

The Annual Administration Charge currently applies for the James Hay Modular iPlan (£235 p.a.) and our James Hay Private Client SIPP (£455 p.a.).
On the Nucleus Platform, our standard rate tiered platform charge will be: 

It will be calculated daily and payable monthly on the plan anniversary (ie the date the your client opened their product).

Pricing will be more specific to product and customer choice, reflecting the modules of investment you use. Some of the key changes are:

• The James Hay Wrap currently has a minimum monthly fee rather than an annual administration charge. This product is being upgraded to the Nucleus

Modular iPlan and a platform charge will apply.

• The drawdown fee will increase slightly but initial drawdown fees are being removed.
• Property annual charges will increase to reflect the additional complexity involved in administering this type of SIPP.

Our letter includes a Simplified, transparent pricing flyer. It outlines how our pricing will work on the new Nucleus Platform.

Further information is available on the Our products and charges page.

We’ve already sent customers their specific charges schedule (in our August 2024 mailing).

We’re not able to provide more specific details at the moment. Once the upgrade has taken place, you’ll be able to obtain a personal illustration based on the new pricing via the Nucleus Platform. 

Our current James Hay pricing approach and the new Nucleus Platform approach are very different. Many existing transactional charges are being absorbed into the platform charge and modules.