Pershing, a subsidiary of BNY Mellon which provides advisers and broker dealers with front office transactional portals, has launched its own “low cost” self-invested personal pension.
According to Pershing, the Sipp will offer access to a ‘whole of market’ investment range, has “low-cost fee structure”, offers online services including a projection tool and has a consolidated wealth view incorporating investors’ retirement funds with other investments.
There is an establishment fee of £125 plus Vat and a quarterly administration charge of £40 plus Vat, paid quarterly in arrears.
The cost of a single cash contribution is nil and transfers in from another registered pension scheme (cash or in specie) are charged at £50 plus Vat. The transfer fee applies to the first five transfers only. There is no charge for the sixth and subsequent transfers.
The new Sipp will be offered alongside the existing range of third-party Sipps Pershing already offers through its wrapper network.
Kevin Bonar, chief executive of Pershing, said: “Our Sipp solution is transparent, efficient and cost effective, reducing the administrative burden for clients so that they can focus on managing and advising on investor assets.
“Our parent company, BNY Mellon, is the largest provider of custody and safe-keeping services in the world and introducing the new solution builds on this base.
“Our clients are seeing strong demand for Sipps thanks to the wide investment choice, tax advantages and the range of retirement options available.
“The latest addition to our range of solutions will help our clients meet this demand with a simple and easy to manage solution.”