The Millfield Partnership is launching an “actively managed” Pep transfer service.
The service will provide access to more than 30 fund managers and is designed for individuals who have lost confidence in their current IFA or who are looking to spread their risk around.
The IFA claims some £25bn of Pep funds are currently underperforming so it may be wise to switch. It also suggests that clients may want to simplify their investments with one investment manager or to change their investment strategy due to changes in their lifestyle.
Millfield is offering two options to investors – they can simply receive advice as to how to fill out the mountains of paperwork associated with a Pep transfer or sign on with Millfield at no initial fee and an annual management fee of 1.5 per cent.
Millfield Partnership spokeswoman Stephanie Garner says: “Since the demise of Peps last year, many investors have been dissatisfied with performance, higher charges and even fund manager changes. But the administrative nightmare of transferring deters most investors, so we have ensured it goes smoothly.”