The total minimum initial investment for all members is £200,000 per scheme, with each member, including minors, required to make a minimum initial contribution of £1,000.
Annual or single contributions can be paid by the individual or their employer within current Sipp limits.
Members can also arrange for transfer payments from other registered pension schemes and the Sipp offers access to offshore and onshore bonds, stocks and shares, trustee investment plans and UK commercial property. It has been piloted by Smith & Williamson personal financial planning director Mike Fosberry.
He says: “Family Suntrust is a new approach to group pension planning and the appeal lies in the potential to secure lower charges from fund managers who will deal with one single, joint sum rather than lots of smaller pots of money.”