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Hargreaves Lansdown to offer its own simple Sipp in supermart

Hargreaves Lansdown is to offer its own simplified self-invested personal pension using its Vantage fund supermarket platform.

The firm claims the Sipp will not fall foul of the better than best rules and says it is aimed at a new market rather than competing with specialist providers such as James Hay.

Managing director Peter Hargreaves says the launch is a sign of the increasing strength of intermediaries who are going from being corner shops to becoming supermarkets.

The firm says it is likely that the Sipp will have no entry cost for pension funds above £10,000. The only costs will be those of the underlying investments, which can be any equity, unit trusts or Oeics accessed through the supermarket. There will also be two life fund links to Norwich Union and Standard Life.

Scheme admin will be completed in house. The Sipp will be ready for launch in four to six weeks.

Pensions development manager Danny Cox says: “This will significantly open up the market for Sipps. It is intended for customers who are used to making their own investment decisions but it can be bought with advice.”

Wentworth Rose managing director Philip Rose says: “When you take away independent and advice, all you are left with is financial. When does an IFA become a product provider?”

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