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Jupiter axes VAT on fees in Sipp admin switch to online access

Jupiter is relaunching its Sipp this week after switching third-party admin to offer a more automated Vat-free service.

It has moved from Hertfordshire-based IPM to Suffolk Life in a move that will enable the Jupiter to offer clients online access to their consolidated Sipp holdings by the second half of the year. Until then, clients will be able to check on their Jupiter fund holdings online.

The Sipp wrapper will, in effect, look the same and keep its Jupiter Sipp branding but the charging structure has been amended. A set-up fee of 130 has been introduced but the annual admin charge has been cut from 450 plus VAT to 420 with no VAT. This drops to 350 if Jupiter funds are exclusively used. The VAT is no longer applicable as Suffolk Life is an insurance company. There is also a 35 levy on single payments or to set up a direct debit.

Jupiter head of retail pensions Colin Maloney says the group’s existing Sipp has 250 clients and 30m in assets. The relaunch will be backed by a programme of joint regional roadshows with Suffolk Life this May.

Suffolk Life will accept property investments and has links with several stockbrokers.

Maloney says: “We have had to change from IPM because we needed a company with the technology to enable us to develop a more automated valuation system.”

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