Aegon Scottish Equitable has launched a group Sipp offering access to almost 1,000 funds from 43 fund managers. It is designed as a flexible option for advisers, allowing them to use online valuations as well as the Morningstar research and evaluation tool to construct portfolios.
Regular contributions are built up in the insured fund and can move to the self-invested element as soon as it reaches £50,000. At that point a maximum of £25,000 can be transferred, so long as £25,000 remains in the insured fund. Single contributions and transfers can be paid directly into the self-invested element or moved from the insured fund with no minimum.
Each scheme is priced and commission paid on a bespoke basis. Every 1% of commission taken will result in the single premium allocation rate being reduced by 1% and will continue in that vein as high as 5%. There is also a flat yearly charge of £250 to access the fund supermarket, which becomes free once the insured fund passes the £250,000 mark.
The set-up fee and yearly charges will also be waived on investments outside the supermarket once the value of the insured fund passes £500,000.
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