PensionsMar 25 2015

Equiniti launches low-cost Sipp on phoenixed platform

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Equiniti launches low-cost Sipp on phoenixed  platform

Equiniti has launched a low-cost self-invested personal pension plan on the Selftrade platform brand it acquired last year, which it says will appeal to would-be retirees seeking to take advantage of next month’s pension flexibilities.

The firm claims the plan it comes without any ‘hidden fees’ or ‘complex’ charges. There is a £99 plus VAT annual administration fee, plus dealing costs of £12.50 for trades (£17.50 if transacted over the telephone) in any of a panel of selected funds or individual stocks.

Equiniti acquired all the assets of direct-to-consumer platform Selftrade for an undisclosed sum last summer, gaining around 130,000 stockbroking clients with £4.2bn in assets through the deal.

The brand had been through a difficult period and Equiniti vowed to re-launch with a new platform, waiving transfer fees for 12 months while it undertook the work. The pricing structure which applied on the existing portal has been maintained.

A spokesperson for the company explained that it is designed to be a straightforward Sipp for cash, mutual funds, equities and investment trusts, but not for non-standard or alternative asset classes such as property.

He added that Selftrade has arrangements in place with other Sipp administrators for these types of non-standard asset classes.

The product is being launched in conjunction with provider Gaudi Regulated Services Ltd and comes alongside a new mobile trading application available now to Selftrade customers.

At the end of last year the pension, payroll and annuity administrator revealed that demand by pension scheme members for online and mobile app access has risen dramatically, with a 238 per cent increase in members registering – from 8,329 members in January to 28,000 in December.

Mark Taylor, managing director of Equiniti’s investment services division, stated that the move demonstrates a commitment to straightforward and transparent investing.

“Customers deserve to be able to manage their retirement funds without being hit with charges that they don’t understand – particularly at a time of significant change to the pension landscape.”

peter.walker@ft.com