The Suffolk Life SmartSIPP launches at the end of June and will meet the growing demand for “mid range” SIPPs (Self Invested Personal Pension Plans).
The new SIPP will be targeted at those investors who do not require bespoke administration of their SIPP and will heavily rely in the use of platforms. Initial partners will include Cofunds, Seven Investment Management, Fidelity, Ascentric and Raymond James.
Shares will be traded through Stocktrade.
Investment options will include OEICs, Investment Trusts, Exchange Traded Funds, Gilts, UK Corporate Bonds and Trustee Investment Plans. In addition overseas shares, warrants, options and exempt property unit trusts will also be available.
The charges on the SmartSIPP will be lower than the average SIPP with an annual fee of £250. In a move to further reduce costs there will be no charge for online applications, cash transfers in, platform switches or contributions made by direct debit. Additional charges will be made however for paper based applications and Income Drawdown.
Greg Kingston, head of marketing at Suffolk Life, said: “While the demand for bespoke SIPPS backed up by high quality personal administration remains, there is little doubt that market growth has shifted towards the mid-sector, servicing the mass affluent and increasingly influenced by platform use.”
David Hobbs, managing director went on to say: “Over time we expect (SmartSipp) to significantly evolve with the introduction of increased functionality and additional adviser-focussed platform partners.”