LV= has launched a low cost Sipp with an annual service charge of 0.25 per cent.
The new product offers investors the choice of 130 funds from 16 fund managers.
LV= head of pensions Ray Chinn says: “With regulatory scrutiny on clients incurring unnecessary Sipp charges we are pleased to be able to offer this simple, clear, low cost option within our wider Sipp wrapper.
“We appreciate that some clients want a no-frills, straightforward personal pension, and the wide range of investment funds available means that advisers can easily tailor the plan to suit their client’s risk appetite.”
The AMC on the first £1m invested in the low cost Sipp option is 0.25 per cent. This falls to 0.1 per cent for any amount above £1m.