Interactive Investor has appointed Barnett Waddingham as its new self-invested personal pension (Sipp) provider.
The announcement comes after AJ Bell revealed last June that it would stop providing Sipp trustee and administration services to TD Direct Investing (TDDI), which was acquired by Interactive Investor last year.
At the time, AJ Bell said the decision was made due to the “uncertainty created by the announcement of the acquisition”.
Barnett Waddingham, which already operating TDDI’s Sipp at the time, will now take over Interactive Investor’s offering as well.
The provider was chosen following a “significant review”, Interactive Investor said.
Customers from TDDI can open a new Sipp today (9 October), while Interactive Investor clients access the product in December.
Barnett Waddingham is building and developing a new digital online Sipp especially for Interactive Investor, the firm said.
New functionality will be phased in over the coming months, which will give customers even easier access to the information they need to help them maximise their pension provision, it added.
Richard Wilson, chief executive of Interactive Investor, said that the company has made significant progress towards its “ambition to become the retail platform of choice for engaged investors, with great products and great value”.
He said: “Barnett Waddingham will play an important part in this through the provision of its market-leading Sipp, and we look forward to our customers benefitting from this new service, giving them greater control over their financial futures.”
maria.espadinha@ft.com
