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Low-cost pension will put cash into Witan trust

Witan Investment Trust is launching a low-charge, stakeholder-style simple contribution pension at the end of the month investing principally in the £1.2bn trust.

The pension will have a transactional charge on the premium which Witan says will cost less than 1 per cent for people making regular contributions. There is no annual charge.

The admin will be outsourced to rival trust Alliance Trust Savings, which is taking over the function as Witan does not have the systems to cope with running a pension.

The first £50 of all contributions will be invested in Alliance, with the remaining balance invested in Witan.

Marketing manager James Budden believes most of the pensions will be opened on behalf of spouses or children.

He says: “Aside from the fact that the pension complements our existing product range, we think it fits in very well with what Sandler is pushing for in terms of transparency. It should attract people in all walks of life.”

RJ Temple senior investment manager Justin Modray says: “It is great that there is another stakeholder-type product in the market but my concern is that there is not a great range of funds to invest in. It could be more of a specialist choice.”

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