InvestAcc have launched a new SIPP (Self Invested Personal Pension) aimed at SIPP investors looking for a simple, low charged contract, where they do not immediately require access to a full range of investment options.
The new SIPP Lite product will complement InvestAcc’s existing SIPP offerings and will allow one investment to be made, in addition to the mandated SIPP bank account.
The InvestAcc SIPP Lite allows investment into a range of different assets including:
- Investment platform or stockbroker account
- Discretionary Fund Manager account (DFM)
- Trustee Investment Plan (TIP)
- Structured Product
- Deposit account, in addition to the mandated bank account
The new SIPP Lite product will not allow investment into commercial property; however this can be accessed via an ‘upgrade’ to InvestAcc’s full Minerva SIPP.
The plan accepts single and regular contributions, as well as transfers in from other pension plans.
Speaking about the new product Nigel Bennett (right) of InvestAcc said: “We’re very excited about this, the third and latest SIPP in our range. The SIPP market is very fragmented and by having specific products aimed at different customer needs we’re able to demonstrate that we’re Treating Customers Fairly.”.
He continues “SIPP Lite fills the gap between full SIPP and less flexible pensions. To future proof the plan, when a customer requires a full Minerva SIPP they can upgrade free of charge. Because an upgrade isn’t classed as a pension switch or a pension transfer, there’s no need to physically move or disturb any of the existing investments. This could save valuable time in future, and could amount to the difference between an investment opportunity won or lost”.
Managing Director, Nick Gardner, says “The InvestAcc SIPP Lite product shows our ability to be at the cutting edge of SIPP product development, with all the advantages that being a specialist provider brings. At the same time, we will maintain our reputation for excellent customer service and are expanding the team to cope with the expected additional demand as well as general growth in the business”.
Nigel Bennett ends by saying “The essence of SIPP Lite, and indeed everything we do here, is to keep the product and any fees as simple and cost effective as possible without compromising what our customers actually receive”.
InvestAcc SIPP Lite charges
The charging structure of the SIPP Lite contract is simple, with a set up fee of £195, an annual fee also of £195.
For people at or nearing retirement both Flexible and Capped Drawdown can be accommodated at a cost of an additional £100 per year.
All fees are subject to VAT.