View more on these topics

Aon Sipp enables members to become trustees

Aon Consulting has established the self-invested personal pension (Sipp), a full Sipp that enables investors to become a joint trustee of their own pension.

The Sipp allows investments into any Inland Revenue permitted investments, such as stocks and shares, Oeics, unit trust, futures, options and commercial property. Sipp members can manage their pension investments themselves or appoint an adviser to do this on their behalf.

There is a set-up fee of £500 and an annual management charge of £500. Property transactions are charged on a time cost basis, with a minimum initial fee of £400 and a minimum annual charge of £250.

Sipps traditionally attract quite wealthy clients and this Sipp is no exception, serving a different market to low cost Sipps that have no set-up fee.

This Sipp is similar to Teather & Greenwood&#39s (T&G) recently established Sipp, but the T&G product has a lower initial charge of £350 and a lower annual management charge of £400. However, it does not give Sipp members the comfort factor of being a joint trustee, with the ability to sign cheques themselves. This feature is only available through a handful of Sipp providers, including Pointon York.

The T&G Sipp charges for commercial property transactions, but on a flat fee basis, with an initial charge of £500, rising to £750 if Sipp members use their own solicitor. The minimum annual management charge of £150 increases to £300 if members do not appoint a professional property manager. This means the charges may potentially be lower for property transactions with the Aon Sipp, although this will depend on how much work it entails.

Recommended

Northern Rock Guernsey – Offshore Advantage Bond Issue 2

Monday, June 17 2002 Type: Offshore high interest account Aim: Growth linked to the performance of the FTSE 100 index Minimum investment: Lump sum £10,000 Place of registration: Guernsey Investment split: 100% linked to the performance of the FTSE 100 index Isa link: No Yield: Rate A 3% gross a year, rate B 7% gross […]

Actuaries urge for DB pension scheme alternatives

Actuaries are urging employers to consider alternative defined benefit pension scheme designs that allow employees and employers to share investment risks.The Faculty and Institute of Actuaries says pension schemes can be designed that allow companies to bear some or all of the investment risk up to retirement, but pass the risk to employees at retirement. […]

Help the Aged picks agency for Solutions

Help the Aged has appointed direct-marketing agency TLG Marketing to promote its Solutions Portfolio range of financial products.The products and services designed are for the over 50s and include general insurance products, long-term care advice, funeral plans and will advice.TLG won the account in a three-way pitch and plans to promote the products through developing […]

ScotLife sets benchmark tests for pension reforms

Scottish Life has published a template to measure impending pension reforms and has received backing from influential thinktank IPPR.ScotLife did not make an official submission to the Pickering review, believing its scope was too narrow. But it has now published its own paper which it hopes will influence the Government&#39s Green Paper, expected in the […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com