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As part of the new partnership, Albert E Sharp will pay the Sipp establishment and annual management fees to Carey Pensions on behalf of the member from its own fee-based charges.

Bill Roden, chief investment officer of Albert E Sharp, said the deal was for anyone that wants to utilise in-house discretionary fund management services for clients who have £250,000 or more to invest.

The service is available to IFA's and their high net worth clients.

Mr Roden, said: "It was important for us to deliver an added value solution, by partnering with other like minded industry specialists.

"Carey Pensions UK will provide the administration and trusteeship for each of the schemes, providing bespoke servicing through their customer focused approach and at a competitive fee."

Christine Hallett, chief executive officer of Carey Pensions UK, added: "There are so many synergies that both partners have, we are both focused on bringing traditional values back into a modern framework.

"It is important that the relationship is transparent and whilst some would start marketing this as a free Sipp it is not, it is simply Albert E Sharp footing the Sipp fee on behalf of their clients."