SIPP Specialists Limited is utilising improvements in technology to drive down the cost of pension provision for Isle of Man residents.
The company has launched a new self-invested personal pension (SIPP) structure to provide all the online functionality of an online SIPP with the quality and service of a full SIPP option as well as offering a common sense and transparent fee structure.
Dougie Elliott, SIPP specialists director, said: "This is a new departure for the Island. We are utilising improvements in technology to drive down the cost of pension provision for Isle of Man residents. This whole venture is designed to take administration workload out of the process enabling us to pass on cost savings to the end client.
"This is just the first step in a process where we will be offering a comprehensive online portfolio, incorporating platforms, online links and information. We are already a fair way along the path. We will be pleased to discuss fees for corporate SIPP (CSIPP) structures and transfers from other SIPPs where there will be no set up fee or transfer charge by us."
Colleague John Bingham added: "Advisers will be able to set up a pension online using our new website, and by working together with quality partners we can provide a first class service and real choice to our introducers and their clients, but at really competitive and transparent fee levels."
The SIPP set up costs £100 plus VAT and the SIPP annual fee is £350 plus VAT. The only fees over and above these will be for irregular events e.g. drawdown/lump sum withdrawal or any off-platform investment. Each platform will have its own charging structure, which will be additional.
The company say the new SIPP structure will provide:
• a choice of investment platforms with a wide investment choice
• online dealing and viewing access for advisors
• online up to date valuations
• planning/assessment tools online for advisors
• reduced advisor administration
• improved service proposition and control
• new market opportunities such as Corporate and Group SIPPs
• choice of bank accounts - RBSI and Pensions Bank
For more information on SIPP Specialists Limited click here or telephone 01624 678458.
