Hornbuckle and Pru launch new Sipp


Hornbuckle and Prudential have launched a new Sipp that combines the PruFund range of funds with full access to the new pension income options.

Clients will be able to switch between the range of PruFunds and have the option of adding capital guarantees.

The Sipp will allow access to the new pension income options, flexi-access drawdown and UFPLS.

As part of the launch there will be no fee to set up the Sipp. There is a £250 a year administration charge for a single investment, rising to £525 a year for multiple investments of standard assets, and £600 a year for non-standard assets.

There is a minimum fee of £300 for property investments.

Customers in drawdown will pay £175 a year in administration fees.

All fees are exclusive of VAT.

The advised-only product is set up through a joint application form with support services provided through one helpdesk.

New business enquiries are being handled by Hornbuckle.

Hornbuckle proposition and marketing managing director Patrick Van de Steen says: “With low interest rates here to stay, clients look for substitutes to annuities at-retirement.

“The combination of the PruFund’s smooth returns with the flexibility of our full Sipp wrapper can deliver this at a competitive price.”

Prudential head of business development Vince Smith-Hughes says: “This initiative is designed to make it as easy as possible for advisers to access a range of PruFunds via the  Hornbuckle Sipp.

“Tie-ups such as this will become more commonplace as providers focus on supporting advisers who are in ever greater need of efficiencies and wider options for their clients.”