Embark Pensions has launched a new self-invested personal pension to sit alongside its existing Option Sipp.
According to the provider, the new Full Sipp will offer advisers a pension wrapper for clients looking to diversify into commercial property and other investments, as well as providing full investment flexibility.
There is an annual membership fee of £400 for the Full Sipp as well as an initial £50 transfer fee. There are also additional fees for property purchases.
It will run alongside Embark’s existing Option Sipp, which according to the firm delivers “cost-effective, flexible and streamlined investment services” for clients looking to invest via discretionary fund managers and other investment firms.
Paul Downing, Embark Pensions chief executive, said: “Embark’s pensions business continues to go from strength to strength and this latest product launch is further evidence of our commitment to evolve to best meet client needs.
“The new Full Sipp and existing Option Sipp provide a complete solution for clients, and ensure that we’re continuing to best deliver value to customers.
“This will further consolidate our position as one of the UK’s leading providers of self-invested pensions administration.”
Over the past couple of years, Embark’s pensions business and its subsidiaries have changed their strategy to provide more digitally-executed retirement services and deliver pension solutions across the Sipp and Ssas market, rather than purely administrating schemes.
According to its results for 2019, Embark Pensions saw a 13.9 per cent increase in client numbers to reach 3,824, meaning it now operates pensions for about 59,500 savers.
In addition, revenues grew 6.8 per cent, compared with 2018, to reach £29.8m, which was driven by a boost in its digital client base.
Embark Pensions is made up of four subsidiaries, including Embark Services, EBS Pensions, Rowanmoor Personal Pensions and Rowanmoor Executive Pensions.
Earlier this year (February 21), the managing director and head of Sipp operations at Rowanmoor handed in their resignation after parent company Embark moved to consolidate its pensions management.
Embark carried out a significant management reshuffle and decided to move to a single management team to oversee all of its pension activities going forward.
As a result, Paul Downing, who was managing director of Embark Services, became chief executive of Embark Pensions which runs all four of the subsidiaries.
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