Pension administration firm Pensions Associates Limited is offering a new self-invested personal pension in a partnership with Newcastle Building Society.
PAL says its Sipp is expected to receive Inland Revenue approval within the next three weeks and is targeting the product at an increased interest in self-run pensions in the run-up to A-Day and after.
PAL, which is part of Dublin-based IFA aggregation firm IFG, says the fact that the Sipp will carry a familiar brand name of Newcastle Building Society will reassure customers about where their money is being placed.
The Sipp and small self-administered scheme administrator says it will not restrict types of property invested in the Sipp or the solicitors or managing agents used to run assets.
PAL is charging a £200 initial fee and a £300 annual fee for its service and there are no additional charges other than for property purchase, mortgage and non-conventional investment activities. The Sipp will also have an online service.
PAL managing director Tim Sargisson says: “Our Sipp is designed to provide a comprehensive offering in what is set to become an increasing market as we approach April 2006.
“We want to give IFAs and investors complete control over the way they compile their portfolios and how they run them. Many Sipp providers do not allow intermediaries this flexibility. We want to give first-class service.”