Self-invested personal pension specialist Talbott & Muir has merged its various Sipps into one revamped product, the firm announced today.
The new ‘Talbott & Muir Sipp’, which replaces the Elite Retirement Account and Simple Retirement Account, will allow members who want to switch from a basic Sipp to a more tailored one to do so without switching into a new product altogether.
The Sipp has a three-tier price structure: £195 a year for a default bank account and single investment portfolio; £345 for mulitple investment portfolios; and £770 to include a single commercial property.
There is no online setup fee.
Graham Muir, director of Talbott & Muir, said the pension market was “changing beyond recognition” and the new Sipp was a response to the changes.
Claire Trott, head of pensions technical of Talbot & Muir, said: “A complete bugbear for advisers is having to move pensions for clients as well as the cross-subsidy of fees which occurs in some ‘all encompassing’ products.
“It creates additional administration for everyone when clients have to switch products to access additional services, not to mention the cost.”
She said the new Talbot & Muir Sipp’s tiered pricing system would “remove the hassle of having to switch from one Sipp provider to another if a client’s investment requirements change.”
The Sipp will only be available through financial advisers.
Adviser Verdict
Gareth Reynolds, a financial planner with MGS Financial, welcomed the new Sipp, saying it was in keeping with the general move towards flexibility and choice.
He said: “It gives flexibility within the one Sipp, so if the clients objectives change, they wouldn’t have to set up a new Sipp.”
He said he personally had not switched clients from a simpler Sipp to a more comprehensive one, but added: “I’m sure it happens and this takes care of it.”
He said the pricing structure seemed in line with the rest of the market.
james.fernyhough@ft.com
