Bespoke provider Talbot & Muir has launched a new Sipp to replace its two existing products.
The Elite Retirement Account and Simple Retirement Account will close to new business in September and be replaced with a single, more flexible Sipp.
The firm says the new product will give advisers peace of mind as they will not have to transfer clients when their needs changes. The rull range of retirement options and death benefits are also available.
In addition, administration fees are tiered depending on the complexity of investments.
Clients with a single investment or portfolio pay £195 plus VAT a year, those with multiple investments £345 plus VAT a year. While clients who want to invest in property will pay £770 plus VAT a year.
Existing transaction fees and charges for taking pension income are paid in addition.
Applications are made online and there are no set-up fees.
Head of pensions technical Claire Trott says: “Clients only pay for what they use, avoiding any cross-subsidy and making the fees clear and easy to understand. This offers complete flexibility with a wide choice of investments available.”
Almary Green managing director Carl Lamb says: “The modular nature of this product means it is exceptional value and is an innovative move for this provider.”