The simplest option is the cash-only lifetime Sipp, designed for people who want to avoid the high costs of insurance company products but who do not want to invest in equities or other asset classes. This option has no set-up or annual fee, so the only charge is a 1 per cent administration fee, which is subject to a minimum of £5.
The cash-plus lifetime Sipp is one step up from the cash-only option in that it allows access to investment funds where there is just one manager, who reports transactions to Hartley SAS. For this option there is 1% administration fee and annual management charge £250.
Finally, the complete lifetime Sipp is designed for people who want the flexibility and choice of full self-investment, including access to commercial property. There is a set up fee £350 but this waived if moving from cash-only or cash-plus plans that have been held for six months. The complete option also has an annual charge £450. Other charges are made for transfers in, investing in commercial property and taking benefits from the plan.
Having three options within the same product means investors who want to be in control of their pensions can start off at the lowest level then move up to full self-investment.
This provides a solution for people who take the cash only option because they want a low-cost Sipp that can later accept transfers from insured or employer-sponsored pensions or enable people to hold cash while they decide on an income and investment strategy. Alternatively, the cash plus option is there for people looking for a halfway house, while full self-investment offers maximum choice and control.
Hartley SAS, which has 25 years’ experience in pensions management, is a small company and some investors may like its personal touch and accessibility. However, this could also mean that on occasions it may not be able to deal with queries as quickly as some providers.