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Charles Schwab sipps into the pensions market

Charles Schwab Europe has moved into the UK pensions market for the first time with the introduction of a self-invested personal pension (SIPP).

The company is aiming the product at people who are confident at making their own investments and who are looking for a product that offers lower charges than an average SIPP.

The product is a full SIPP that will allow clients the choice of investing in UK listed shares, collective investments, such as unit trusts and gilt-edged bonds, and cash. Minimum initial investment is £5,000, and there is a set up fee of £135. The SIPP also has flat dealing charges of £18 for online transactions and £25 for telephone and touch-tone transactions. It can also be managed online.

The product also has a quarterly administration charge of 0.125 per cent of the fund value for amounts up to £100,000, and no charges thereafter. It allows access to any external fund or investment.

It is cheaper when compared to the James Hay flexi-SIPP, which has a minimum investment limit of £100,000, an annual charge of 1.25 per cent for sums up to £250,000 and a set up fee of £250. It too is a full SIPP that can invest in a wide range of collective investment schemes and UK listed shares, including funds from Aberdeen, Williams de Broe, Prudential-Bache and James Hay.

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