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Aegon launches One Retirement Sipp product

Aegon has launched a new online individual Sipp product called One Retirement, using technology from its Aegon Retirement Choices platform.

Advisers can co-brand the stand-alone proposition and create their own model portfolios, choosing the level of access clients have to self-select.

Products available through the wrapper include insured funds, unit trusts, Oeics, stocks and shares, investment trusts, collectives, equities, unit-linked guarantees and ETFs.

One Retirement offers drawdown options across fully capped, partial, phased or flexible drawdown. It has tiered charges ranging from 0.35 per cent for sums up to £99,999 to

nil on amounts over £1m.

Aegon UK proposition director Gordon Greig says: “We have carefully listened to advisers and customers.

“We know they are looking for modern, flexible, transparently priced and competitive solutions.

“It is as simple or as sophisticated as they need it to be to fit with their own business models and their clients’ retirement objectives.”

Bloomsbury Financial Planning partner Jason Butler says: “It is positive that Aegon is looking to give advisers the technology – however, I would be wary about the cost.

“Most advisers do not have clients with assets over £1m and 0.35 per cent at the bottom end seems a bit expensive.”

Charging band

Fund value

Annual charge percentage

1

First £99,999

0.35%

2

Next £150,000 (£100,000 to £249,999)

0.3%

3

Next £250,000 (£250,000 to £499,999)

0.2%

4

Next £500,000 (£500,000 to £999,999)

0.1%

5

£1 million and over

nil

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Comments

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  1. Looks very expensive compared to more experienced SIPP providers. A client with a fund of £500k would be paying c £1,150 to have the functionality that a good back office system can provide.

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