Liberty SIPP has reduced its offering to a single self-invested personal pension (SIPP) - Liberty Option SIPP.
This "build-it-yourself SIPP" will replace the firm's Liberty SIPP and Liberty ICON SIPP.
Liberty said the move is designed to make its proposition more transparent and easy-to-understand - as well as flexible and low cost for the client.
The Liberty Option SIPP only charges clients for what they use. For example, if a client wants to transfer in a property, they pay the property fee; if they want to take an income, they pay the drawdown fee.
It will cost a flat annual fee of £150 and offer 1% interest on its cash account from which Liberty will take no commission.
The £150 annual fee will cover, among other things, contributions, administration, access to online valuation tool, annual reporting, and one standard investment, e.g. a regulated discretionary fund manager (DFM) account.
The Liberty Option SIPP can be applied for online. For clients applying this way there are no set-up costs.
During a transfer to The Liberty Option SIPP, the IFA and/or client is kept up-to-date on progress in real time via an online portal. All transfer notes and valuations can be seen in one place.
While the offering will remain whole-of-market, Liberty SIPP said it has partnered with a number of established platforms, investment firms and DFMs, including Charles Stanley, Brewin Dolphin, Raymond James and Brooks MacDonald.
Liberty SIPP managing director John Fox said paring down the firm's proposition to just The Liberty Option SIPP will make it even more consumer and IFA-friendly.
"We believe SIPPs' popularity will continue to rise in the years ahead and, as they become more mass-market, it's vital to keep it simple. We have also invested heavily in the technology platform, as today's SIPP, for both the IFA and client, needs to be real-time and always-on.
"With new capital adequacy rules due to be implemented, the next couple of years will be a challenging period for many in the SIPPs market.
"As a result, we continue to build up our cash resources in anticipation of these changes. With many larger providers potentially struggling to adjust to the new raft of regulatory demands, and geared on current account commissions, we believe we are one of very few SIPP providers in the market with sufficient capital adequacy."
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