Platform  

Momentum partners with platform for international Sipp

Momentum partners with platform for international Sipp

Momentum Pensions has partnered with Conexim to offer a platform option to its international self-invested personal pension clients from next month.

The platform will offer a fixed percentage fee of 0.6 per cent to International Sipp clients and will include no additional custody or dealing costs.

The platform will only offer investments in clean share classes, meaning there will be no extra costs or commission and clients will have access to up to 4,000 funds.

It will be available to current and new clients.

The current International Sipp product is aimed at non-UK residents that have a UK pension as well as UK-based advisers who deal with clients overseas.

Transfers from defined benefit schemes will also be accepted into the Sipp via the platform with a minimum transfer value of £40,000. 

Stewart Davies, group chief executive officer at Momentum, said: “Currently we are not seeing any DB transfers which are less than six figures and expect the average figure within this product offering to be in the region of £100,000 to £150,000.

“The DB transfers will continue to go through an FCA-regulated transfer specialist in the first instance who will provide the client with advice. This transfer will then be onboarded to the pension and platform.”

Mr Davies said Momentum had been working on developing its technology over the past couple of years.

He said: “We have been working on a technology-driven strategy for a while now and we will also be launching our own operational platform later this year. 

“Up until now there has been a variety of different opportunities available to clients whether they invest via a life wrapper or a variety of different platforms, therefore we felt that it was appropriate to bring it together under one product and have an integrated option via the new platform.”

Momentum has about £900m under administration within the current International Sipp product and expects the new platform to generate an extra £100m over the next 12 months.

Mr Davies said: “We have carefully modelled our platform option to ensure it delivers an enhanced proposition for clients within a competitive market. 

“It is designed with a transparent charging structure, offering clients certainty on the fees they will pay, whilst providing direct access to the platform to monitor their investments.  

“In addition, there remains genuine and necessary trustee oversight which gives reassurance and peace of mind to clients.” 

In April, Momentum launched a Sipp product for US taxpayers with savings in UK registered schemes.

The Momentum US Sipp is aimed at individuals with a minimum of £250,000 invested in a UK pension and who are within the scope of the US tax regime.  

This includes US citizens resident anywhere outside of the US, or anyone resident in the US whether a US citizen or not.

amy.austin@ft.com

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