Fees & Charges

All fees are taken from your portfolio, with no VAT, and are covered by dividends. Charging structures are complex and can run deep. Investment Trusts do not have an Initial Fee which is generally 5% for a Unit Trust although platforms can sometimes offer reductions. Please also be aware that in a study carried out by Lipper, Investment Trusts have lower Total Expense Ratios (TERs) than open ended funds. It was found that on average the TER of an Investment Trust was about 0.5% lower than for Unit Trusts and open ended vehicles. Currently (2019) fees are reducing on both sides and it will be interesting to see where things finally settle.

Other factors that affect the comparison of fee structures include dealing frequency. We happen to have a low turnover on most of our portfolios, but a low purchase fee with a low annual management fee may be more expensive in the long run if you are dealing quite often. Other factors include what you are getting for your money and, at least, you should have a dedicated manager/adviser and receive annual reviews, periodical reports on the market, truly free access to your adviser during working hours, access to various features such as retirement planning, cash flow modelling etc. Are all these benefits, that will be required at some point, included in the price or not? There are no hidden fees on our portfolios.

Account Pigotts Transact
A Bespoke portfolio, the G3 (Growth model) in full or in part Initial Purchase 2% 0.05%†
Switch Purchase 1% 0.05%
Sale NIL NIL
Annual Management Fee 1%* 0.50%/0.29%*
Annual Fee on Cash NIL 0.29%*
D7 (Defensive Portfolio) Initial Purchase 2% 0.05%†
Switch Purchase 1% 0.05%
Sale NIL NIL
Annual Management Fee 0.75%* 0.50%/0.29%*
Annual Fee on Cash NIL 0.29%*
SEI Portfolios (Income) Initial Purhcase 2% 0.05%†
Switch Purchase 1% 0.05%
Sale NIL NIL
Annual Management Fee 0.5%* 0.50%/0.29%*
Annual Fee on Cash NIL 0.29%*
ISA NIL £12 p.a.
Pension NIL £80 p.a.

* Discounts to Annual Management charges

Average Portfolio Value Transact’s Discount Transact’s Discounted Rate Pigott’s Discount Pigott’s Discounted Top Rate Total Rate
Combined Portfolios up to £100,000
Up to first 60,000 0% 0.50% NIL 1.0% 1.50%
60,001 100,000 42% 0.29% NIL 1.0% 1.29%
Combined Portfolios over £100,000
On the first 600,000 42% 0.29% NIL 1.0% 1.29%
600,001 1,200,000 62% 0.19% 20% 0.96% 0.99%
1,200,001 2,000,000 86% 0.07% 40% 0.72% 0.67%
2,000,001 3,000,000 86% 0.07% 60% 0.48% 0.47%
3,000,001 5,000,000 86% 0.07% 80% 0.24% 0.27%
5,000,001 and beyond 90% 0.05% 80% 0.24% 0.25%

Shown in monetary terms

Portfolio Value Normal Fee (£) Discounted Fee (£) Equivalent Flat Rate Saving (£) Saving (%)
60,000 900 900 1.50% 0%
100,000 1,500 1,416 1.42% 84 6%
250,000 3,750 3,225 1.29% 525 14%
300,000 4,500 3,870 1.29% 630 14%
500,000 7,500 6,450 1.29% 1,050 14%
750,000 11,250 9,225 1.23% 2,025 18%
1,000,000 15,000 11,700 1.17% 3,300 22%
2,000,000 30,000 19,040 0.95% 10,960 37%
3,000,000 45,000 23,740 0.79% 21,260 47%
5,000,000 75,000 29,140 0.58% 45,860 61%
7,500,000 112,500 35,390 0.47% 77,110 69%

† The Discounts also apply to cash and if the grouped portfolio is over £500k Transact will refund your purchase fee in full.