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Jupiter offering Sipp in first foray into pensions

Jupiter will make its first move into the pension market next week with a Sipp.

Admin and management are to be outsourced, with Cater Allen Pensions the Sipp provider and Beckett Pension Trustees providing admin.

The initial charge of £150 will be waived for all clients investing exclusively in Jupiter products, while the annual management charge will also be reduced to £250 from £300. Other charges include a £25 fee for each transaction and a £150 annual tariff for clients opting for a drawdown service.

Minimum investment is £5,000 for single premiums or £500 a month for regular premiums. Investors must have £10,000 in Jupiter funds before other providers can be included in the portfolio. There will be a 1 per cent discount on Jupiter funds within the Sipp, except the Jupiter cash, Jupiter corporate bond and Jupiter UK growth funds.

Commission is 3 per cent initial and 0.5 per cent trail, except on the Jupiter cash fund which has no commission, while trail on the corporate bond and UK growth funds is 0.5 per cent.

Jupiter says it has no other immediate plans within the pension market but will be keeping a close eye on stakeholder and IPA developments.

Joint managing director Steve Glynn says: “We envisage the major distribution channel for this product will be the intermediary market. Sipps are a reasonably sophisticated product aimed at the mid to top end of the marketplace.”

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