Scottish Equitable has relaunched its income drawdown plan, with a charging structure allowing advisers to bolt on commission as required.
The Flexible Retirement Sipp, formerly known as Retirement Control, also provides access to Scottish Equitable's fund supermarket, which offers more than 800 funds from 40 fund groups, plus a full self-investment facility.
With a menu-based payment structure, the Sipp has a base annual management charge of 0.5% with a 100% allocation rate, primarily designed for advisers operating on a fee basis.
Commission-based advisers can design the shape of the charging structure to fit with the client's income and investment aims and their own business model.
In addition to the base charge, intermediaries can opt for an increasing annual charge, a one-off initial charge or an establishment charge, a percentage of the contribution received paid yearly in arrears for four years, to reflect their remuneration.
They can also blend these options, with an increase in annual charges plus initial fee or opt for the higher AMC and establishment charge.
Scottish Equitable is also planning changes to improve access to its Sipp in due course and will add 15 sector funds towards the end of the second quarter of this year.
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