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Online broker Comdirect enables Sipp transactions

Online stockbroker Com-direct has expanded its phone and internet services to include a Sipp dealing account.

The self-select dealing account will provide a specialised broking service offering access to a wide range of investments including UK and international equities, unit and investment trusts, exchange traded funds and gilts.

There is no account fee so investors can deal online or by phone for a fee of £12.50 per transaction.

Accountholders must be members of an approved Sipp and must appoint trustees or administrators responsible for the maintenance of their portfolio.

Comdirect says the motivation behind the service comes from findings from organisations such as the Institute for Fiscal Studies that people are not saving enough for their retirement.

Managing director John Glendinning says: “With our new Sipp initiative, Comdirect is responding to customer needs to empower themselves to fund their finances in retirement. It is also a timely venture, given the alarming statistics from the Institute for Fiscal Studies which highlighted the potential severity of retirement poverty in the UK.”

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