View more on these topics

GE Life Sipps into market gap

GE Life has filled a gap within its product range with the simplified self-invested personal pension (Sipp).

This hybrid Sipp has no initial charge, but has an annual management charge of £100. It has lower charges and a limited investment range compared with the company&#39s full Sipp.

The simplified Sipp provides access to 26 GE Life funds, which were formerly National Mutual pension funds. The funds are now externally managed on GE Life&#39s behalf by fund management groups including Schroder, Goldman Sachs, JPMorgan Fleming and State Street.

Provided at least £100,000 is invested in GE Life&#39s funds, investors can put the remainder of their money into any other Oeic, unit trust or investment trust. Investment in commercial property is not available.

This Sipp could be suitable for people who do not want to pay the higher charges of a full Sipp. However, the investment choice is limited compared with full Sipps that provide access to any asset class allowed for Sipp investment by the Inland Revenue.

Compared with Standard Life&#39s self-invested personal pension, the GE Life Sipp has fewer fund links and is a simpler product. The Standard Life product has different options for charges and commission which vary, depending on the funds selected and whether income withdrawal is needed.

For example, there is a set-up fee of £60 and an annual charge of £100 for investment in the internal and external fund links and other collective funds where income withdrawal is required, but only an annual charge of £100 if no income withdrawal is needed. This may be confusing for some Sipp customers.

Recommended

Guide aims to help IFAs with bereaved clients

IFA Promotion has produced a free guide on dealing with the practical issues arising from the death of a family member or friend.The publication entitled, A practical guide to dealing with bereavement, is intended to help IFAs give useful advice to clients in a sensitive situation.Specific areas covered in the guide include making funeral arrangements, […]

Delay over mortgage regulation

The Council of Mortgage Lenders has warned members that statutory FSA regulation of mortgages is likely to be introduced by September 2004 at the earliest, rather than the second quarter of 2004 as originally planned. The CML says this is because of delays in implementing the EU insurance intermediary directive forcing the Treasury and FSA […]

Skipton Building Society – 2 Year Fixed Rate Bond

Tuesday, 30 July, 2002 Type: High interest account Minimum-maximum investment: £1,000-£10,000 Interest rates: 4.95% gross a year Terms: Until September 30, 2004 Offer period: Until further notice Withdrawal penalties: No withdrawals permitted during term Tel: 0800 446776

Stake or break for housing market

Media speculation over whether the housing boom will end in a crash or a whimper continues unabated. Much depends on interest rate decisions over the coming months and the priority the monetary policy committee gives to tempering the overheating housing market.While many homeowners revel in their growing equity, there is increasing recognition of the downsides […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment