Self-invested personal pension (Sipp) provider DP Pensions has launched a simplified product, which will allow the customer to hold the bank account and investment with one manager.
The firm, which administers more than 6,000 Sipps and 475 small self-administered schemes (Ssas), said the new product - Premier Trust Single Investment Sipp – came in a response to the growing number of advisers using a single fund manager.
According to David Phillips, managing director at DP Pensions, there has been "unprecedented change" in the pensions industry in recent years, and advisers are looking to partner with firms that are "developing their product ranges, are financially strong and committed to the market for the long term".
He said: "We are seeing growing interest from advisers using a single fund manager and have developed the Premier Trust Single Investment Sipp to meet this need."
The new product will be able to hold the plan bank account and one investment account with a panel investment manager.
DP Pensions has more than 40 investment managers on its panel. If the desired investment manager is not currently on the panel, the firm will look to add it, providing it meets the required due diligence, it said.
Elaine Turtle, director at DP Pensions, said advisers were under increasing pressure to minimise the time they spend on administration to enable them to spend more time advising clients.
She said: "They are looking for products that are simple to set up and are cost effective for clients.
"That is exactly what the Premier Trust Single Investment Sipp does. At just £195 a year, this product is not only transparent but also flexible with a wide range of discretionary fund managers, platforms and stockbrokers available. It meets the needs of advisers and their clients."
David Schiller, head of financial planning at Charles Cameron Financial Planning, said the new product was "very welcome and a great addition" to DP Pensions' current offering.
He said: "There is continued demand as more clients look to provide a simpler Sipp product, with a lower fee, but with the same technical knowledge and service underneath it.
"With continued consolidation in the financial services sector, the adviser community look to have the flexibility to move [to a] discretionary fund manager or platform, should service deteriorate and this product enables us to have that."