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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.


CII pension exams may be compulsory

Several major IFAs and networks may soon make new Chartered Insurance Institute pension exams compulsory for all RIs advising on retirement planning, according to industry experts. The new exams include K10, which covers retirement options, and K20, which covers pension investments such as annuities and income drawdown. CII vice-president Peter Williams says: “Some national IFAs […]

ScotLife individual pension campaign aimed at advisers

Scottish Life is starting an individual pension marketing campaign aimed at boosting IFA sales after the start of stakeholder in April. The campaign, headlined, Get your business moving, aims to promote opportunities arising from the new definedcontribution regime which marks the introduction of stakeholder schemes. ScotLife says the market has been neglected in favour of […]

Legal & General – Essentials Cash

Monday, 26th February 2001.Type: Healthcare cash plan.Minimum premium: £11.50 a month.Minimum-maximum ages: 18-65.Maximum benefit: £3,000 a year.Deferred period: Three months. Inpatient care following an accident – no deferred period.Commission: Either initial 40 per cent or renewal 10 per cent.Tel: 01273 824540. 

Pension rules still misunderstood

With less than two months to go before the start of the new defined-contribution pension regime, the market is still a long way from understanding the new rules. Feedback at Skandia IFA workshops during the first few weeks of 2001 suggests the market has not yet grasped that personal and stakeholder pension schemes will be […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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