AJ Bell is setting up a deal to offer its SippCentre customers access to the Cofunds platform.
As part of the link-up, Cofunds will bankroll SippCentre’s £120 Sipp establishment fee if clients hold at least £25,000 of their portfolio on the platform.
It will also subsidise SippCentre’s annual fee if a client has more than £125,000 with Cofunds, reducing it to £100 plus VAT. If the client holds more than £250,000 with Cofunds, the annual fee is reduced to nil.
The Legal & General deferred Sipp is the only self-invested personal pension currently available via Cofunds while Selestia is the main platform available to SippCentre clients.
AJ Bell chief executive Andy Bell says: “Sipps are about control, transparency and flexibility and too many of the new breed of Sipps are personal pensions masquerading under a badge of convenience.”
Commercial director Fergus Lyons says: “This was a natural progression as there was a lot of demand from advisers who wanted to use Cofunds.”
Cofunds managing director Andy Creak says: “Our research shows there is a substantial segment of the IFA market now using specialist Sipp providers. SippCentre is one of the most popular providers, so we are providing links to their Sipp at the request of our customers.”