intermediaries to choose between outsourcing and self-management
Teather & Greenwood Investment Management (T&G) has launched a Sipp offering intermediaries the chance to outsource the investment management.
Intermediaries using the product can either elect to supervise the underlying investments themselves or choose to put this in the hands of a manager provided by T&G. The group has a team of 30 headed up by senior fund manager Jonathan Hill.
This in turn is backed by a team of 25 in-house research analysts. As well as offering a number of in-house Oeic funds, including John Sweet's UK Smaller Companies fund, the group said it has specialist expertise in Aim-listed stocks, in addition to a fully-developed global equity and fixed income capacity.
Sipp holders and their intermediaries can trade and monitor investments online using the Teathers-i-deal system.
There is no official minimum investment, although T&G anticipates a minimum starting capital of £75,000 would be advisable. Contributions can be paid for either by standing order or lump sum.
T&G is prepared to give up to 25% of its annual fee to introducer intermediaries.
The annual management charge on the Sipp is tiered with the first £500,000 charge at 1%, a 0.7% fee for funds between £500,000 and £1m, 0.5% for funds between £1m and £2m and 0.35% for funds above that level.
There is a range of other charges on the product in addition to the annual management fee. The Sipp carries a set-up fee of £350 plus an annual fee of £400.
In most cases a £20 fee is payable for any payment into, or out of, the plan's bank account although this does not apply to the first two payments in each year.
The Sipp has been launched in partnership with Wolanski & Co and Abbey National subsidiary Cater Allen Bank.
Investors using the Sipp can make two free transfers into the plan, a facility designed to encourage clients to consolidate existing pension plans within the Sipp. Subsequent fund transfers into the Sipp incur a £75 fee.
Property can be invested in via the product. There is a £500 fee for each purchase or sale, if one of the trustee's nominated solicitors is used. This rises to £750 if a solicitor nominated by the member is used.
A drawdown function is included in the Sipp and investors can take a 25% tax-free lump sum on retirement. If drawdown has not been enacted at death, the Sipp falls outside of the investor's estate for inheritance tax purposes.
For more information, visit www.teathers.com
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