Fidelity International has relaunched its FundsNetwork SIPP as a free-for-life pension wrapper.
The provider says the wrapper is aimed at savers comfortable making their own investment decisions.
Investors who take out the Fidelity Personal Pension before December 10 this year will not pay a set-up fee or an annual administration charge for the life of the plan.
They will also pay no initial charges on any of the funds held in the pension and no switching fee when they change investments.
Fidelity says investors only pay the usual management charges levied by the investment companies managing the underlying mutual funds that savers choose.
The product also offers free transfers from higher cost personal pensions and SIPPs, an IFA referral process for savers needing advice and up to 40% tax relief on contributions as the plan qualifies for full personal pension tax relief.
Richard Wastcoat, UK managing director of Fidelity International, says: “For too long, tax planning and pension rules have dominated retirement savings. But of far greater importance for savers is the underlying investment.
“The Fidelity Personal Pension offers a choice of more than 1,000 funds from over 55 providers. Savers can now think about the investment first, the wrapper second – just as they do with ISAs.”
The product requires a £10,000 minimum investment as a lump sum or transfers. Regular savings start at £300 per month or £3,000 per year.
The plan will accept transfers from personal pensions and other SIPPs but not from occupational pension schemes including EPPs, SSASs, Section 32s and AVCs.
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