Wrap platform Ascentric is launching a simplified SIPP product to help IFAs and their clients consolidate and control their pension assets.
The Ascentric Pension Account (APA) is a low cost SIPP wrapper and will be fully integrated with Ascentric's online platform.
Ascentric says the APA will compliment the existing 20 SIPPs on the platform, and has been created following feedback from advisers.
Existing plans can be transferred to APA from any UK registered pension scheme, including protected rights and contracted out benefits, allowing clients to consolidate their savings.
The SIPP is designed to be low cost and transparent, with an initial setup fee of £150 and a further £150 annual administration charge along with the platform's normal dealing costs. Ascentric's normal £50 pension transfer charge will be waived for the first 6 months after APA's launch.
Hugo Thorman, managing director of Ascentric, says: "We continually listen to IFA users of our Wrap platform to determine how Ascentric can best meet their needs through the products and services we offer.
"The APA offers the best of both worlds: a market-leading wrap platform with a simple, low cost SIPP. Sitting alongside our other product partners, IFAs now have more freedom to decide which product is most appropriate for their individual clients."
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