Sipp trustee European Pensions Management (EPS) is to launch a family Sipp in the next few weeks, ...
Sipp trustee European Pensions Management (EPS) is to launch a family Sipp in the next few weeks, writes Simon Falush.
Each family member will have their own plan but the product will pool the assets of all the members together and charge a single establishment fee and annual fee of £50-100. In addition, investment and switching fees will be split between the members.
The product aims to take advantage of the £3,600pa contribution allowance all non-earners can now make into a pension. EPS has already set up one such family plan, for its managing director, Francis Moore, and his wife and son, on whose behalf he is contributing £100 each per month into their respective Sipps.
Moore said he saw a large potential market for selling pensions other than stakeholder to minors and non-earning spouses.
He added: "There will only be one set up charge for all members of the scheme and this will be low relative to other Sipps because of the smaller amounts that will be put in."
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