7IM enters pensions market with Sipp launch

Verona-Smith-700x450.jpgSeven Investment Management has become a pension provider with the launch of a Sipp on its platform.

Last year Money Marketing revealed 7IM wanted to strengthen its presence in the retirement market and was is in the early stages of developing a Sipp.

The Sipp launched on Monday and allows access to a range of investments from bonds to structured products. No non-standard assets are permitted.

There is an annual fee of £100 for Sipp accounts below £75,000 and no charge applied above that.

It costs £50 for each drawdown or uncrystallised fund transfer into the Sipp from a defined contribution scheme.

Each cash transfer out of the Sipp, whether full or partial, costs £75 and the payment of death benefits costs £300.

There are additional fees payable to these including platform fees, fund management charges and discretionary service fees.

7IM platform head Verona Smith says: “Becoming a pension provider in our own right underscores our commitment to offering a joined up retirement planning proposition. We have put huge amounts of resource, technology and investment into this launch to develop a very competitive offering.”

She adds: “Many advisers have told us it was important for their client experience to have a cost effective and easy to access Sipp which is fully integrated with the 7IM platform.”

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