The Sipp was designed for IFA clients who want to use the Ascentric wrap without the complexity and costs of a full Sipp. It complements the 20 Sipps from other providers that are already available on the Ascentric platform.
Investors can use the account to consolidate their holdings into one product and monitor the performance of their investments online. Transfers can be made to the from any UK registered pension scheme including protected rights and contracted out benefits.
Flexibility, choice and transparency are features that Ascentric believes are important to Sipp investors and it has addressed these issues in the product design.
Through the Ascentric wrap, the pension account allows IFAs to tailor the investments to the risk profile and retirement needs of their clients. Investors have access to around 3,000 unit trusts and Oeics, specialist funds, managed funds, investment trusts, exchange traded funds, bonds, direct equities and cash. However, it does not allow commerical property, unlisted shares or personal belongings such as wine, art and antiques to be held in the Sipp.
There are a number of income options for investors including unsecured pension, alternatively secured pension and phased retirement. The charges are also transparent, with Ascentric clearly stating its £150 set up charge £150, £150 annual management charge and other charges.
Some Sipp providers operating in the simple, low-cost end of the Sipp market such as Fidelity do not have set up or annual charges. However, Fidelity’s investment choice is focused on a wide range of investment funds, with no ability to hold direct equities and bonds.