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European Pensions Management is hoping to tempt people into the self-invested personal pensions market with its new no charge product.

The no annual charge Funds Sipp covers all up-front costs through a £12.50 fixed commission, meaning access to more than 200 funds is provided with a 0 per cent initial charge.

European Pensions Management offers access to more than 40 fund managers, including Fidelity, Invesco, Jupiter and New Star, as well as a raft of unit trusts and Oeics.

The Sipp is designed for investing in funds through a Selftrade Sipp dealing account, which provides online and telephone dealing and clients can access 800 additional funds for a 0.5 per cent charge.

It also comes with the option of an asset allocation service which allows the investments to be made into a series of pre selected packages.

Francis Moore, managing director of European Pensions Management, said: "This is a good introduction to Sipps for people who are put off by paying charges. It could get them moving on to other Sipps, where there are charges but which can be invested in a greater range of things.

"There is no annual charge or setup charges attached to this Sipp, and along with Selftrade's flat rate commission per trade and no nominee costs, it makes trading simple and effective.

"Clients can also view their Sipp investments online at any time, day or night, by using the Sipp dealing account. This highlights the transparency of the Sipp and will reassure clients."