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James Hay sipps the fruits of external funds

Cocken says: "James Hay’s reputation of poor service is not justified as far as I am concerned, as I have always found it to be efficient and accurate with the information it has provided to me. As long as you see the company as administrators and not as an insurance or investment company, you shouldn’t have a problem in dealing with the company."

Norlund feels that the company has an excellent reputation as a specialist in niche markets."

Commenting on whether the charges that the product provides are fair and reasonable, Parrott says: "Yes, definitely. Most Sipp providers charge initial and annual fees and all sorts of add-ons for administrative functions. Additionally, fund management fees are normally payable on top. Some insurers offer fee discounts but largely recoup these through their own fund charges. James Hay’s approach is bother fair and refreshing."

Cocken says: "The charges are fair, except for the charge if you use your own solicitor on property purchase," while Norlund says: "The charges for the select fund option are very fair indeed, not to say very low in fact."

Summing the product up, Parrott says: "Overall I think that this particular Sipp is extremely attractive and I am sure that it will be well-received. Having looked at it, I may well transfer my own Sipp to James Hay – I can’t say fairer than that!"

Norlund concludes: "The market for Sipp investment has broadened greatly since the advent of income drawdown. Plans like the James Hay select Sipp afford an excellent opportunity for those clients locked into insured funds to access a much broader range of investment media at a very reasonable cost."

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