Inscape, the investment management arm of Abbey National, has brought in the Inscape self invested person pension plan (Sipp).
A full Sipp, the product is aimed at existing customers of Inscape who have an initial amount of at least £2,000 to invest in a pension that allows them control over where their money will be invested. It will be administered by James Hay Pension Trustees, which is also a part of the Abbey National Group.
In addition to Inscapes funds it will allow access to a number of external fund managers. These include Abbey National, Merrill Lynch, Schroder, Axa Rosenburg, Goldman Sachs, Dresdner RCM and Statestreet Global Investors. The funds will be in areas such as UK equities, UK bonds, European equities excluding the UK, Japanese equities, US equities and Pacific equities excluding the UK.
The Sipp has an annual management charge of 0.75 per cent of the investment for amounts under £50,000 and 0.25 per cent for amounts over £50,000.
Limiting the number of funds that may be included to a set number of external fund managers makes the Inscape Sipp slightly more restrictive than other similar products, such as the Jupiter Sipp. This allows access to any permitted fund or investment from any fund manager.
According to Standard & Poors Abbey Nationals deposit fund is first quartile, the UK equity fund is second quartile, and the International and managed funds are third quartile, based on £1,000 invested on a bid-to bid basis with gross income reinvested over three years to July 16, 2001. All of these funds are available in the Sipp.