Hazell Carr, the financial services provider, has launched a SIPP with no set-up fee.
There SIPP requires a monthly administration fee of 0.02% of funds in the SIPP and a range of fixed charges for major transactions such as adding a property to the SIPP.
The product enables customers to choose any investment manager to manage their SIPP assets or can manage the assets themselves with or without the help of an adviser through a web portal. Hazell Carr does not provide investment advice to SIPP members.
The SIPP also offers access to fund supermarket Fundsdirect, which enables users to choose from more than 1,400 unit trusts and OEICs. The SIPP also provides access to Hazell Carr basic funds, a low-cost option for the less active investor.
The SIPP includes an online pension illustration service for advisers enabling them to provide tailored pre- and post-retirement illustrations taking account of charges, contributions and retirement dates.
Hazell Carr says it designed the SIPP for customers to invest at least £100,000 in their pension fund and says it would probably not deem a £25,000 fund appropriate for the product.
David Carr, chief executive officer of Hazell Carr, says: "The Hazell Carr SIPP allows more investment choices than many other pension arrangements. It offers a clear and sensible approach to charges to ensure real value for money."
All customers taking out a SIPP before April 6 2008 will repay all regular administration fees incurred to the end of December 2008 into the SIPP member account.
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