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James Hay launches e-sipp

James Hay has extended its range of self-invested personal pensions by establishing an online Sipp which has a transaction-based charging structure rather than a set-up fee and annual charge.

The company believes its Sipp range now caters for any client at any stage of saving for their retirement. It has developed a website especially for the management of the e-Sipp which allows portfolios to be set up and managed online.

The e-Sipp has no minimum investment and investors can choose from two investment options. They can buy and sell shares through the Abbey sharedealing service and create a portfolio of investment funds through the select and collect fund ranges. These contain institutional and retail funds from a range of external managers including DWS, Fidelity, Liontrust and New Star.

The collect range of funds is available directly to clients, enabling them to invest in funds and make switches online, while the select range is available only to financial advisers who can create a portfolio on behalf of their clients. An income can be taken from the e-Sipp when the client reaches 50 and they do not need to retire to take this option because the e-Sipp is divided into 1,000 segments which allows for phased retirement.

James Hay will act as a single point of contact to carry out investment instructions, hold investment records and inform the client of exactly what investments they hold. It will also provide consolidated investment reports so the client is not swamped by paperwork.

This Sipp may provide an entry point for people who may then more to a more sophisticated Sipp with wider investment options such as commercial property, which the e-Sipp does not allow.

Although the transaction-based charging structure may be appealing for some, it could be expensive for investors who plan to make frequent trades or switch in and out of funds.

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