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Pru moving into individual Sipps

Prudential has become the latest major insurance firm to launch into the individual Sipp market.

The product, a deferred Sipp, is available through Pru’s flexible retirement plan and is designed so investors can switch on the self-investment facility when their pension fund reaches £10,000.

Investors can access a range of in-house funds and over 800 funds from more than 50 asset management firms through a link to the Cofunds’ platform.

The product also offers a range of loyalty discounts on assets held in its core in-house managed funds.

These range from 0.05 per cent off the annual management charge if the policy is maintained for five-9.99 years to a 0.25 per cent discount for 20 or more years.

A rising scale of AMC discounts are also offered on assets of over £25,000 held in core funds.

Initial charge on the Sipp is £300 and there is an annual admin fee of £425. Advisers will have a wide range of remuneration options, including fee-based, level and split-level commission.

Suffolk Life, which also administers Sipps for Clerical Medical and Lifetime, is administering the scheme.

Pru intermediary director Tudor Taylor says the firm is aiming to move from “virtually zero” market share after a spell operating on the frin-ges of the individual personal pension market to a double-digit market share in the long term.

He says: “We will come up against major competitors and they will know about it. This proposition tries to cater for everyone and it shows our commitment to the advice market.”

Informed Choice director Martin Bamford says: “I am pleased that they are using Suffolk Life but I am concerned that they are using Cofunds because their admin standards have been very poor.”

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