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Skandia and Bell link up for Sipp with residential property

Skandia is teaming up with actuarial consultancy AJ Bell to launch a self-invested personal pension, first revealed in Money Marketing in July.

The Skandia Sipp will offer a flexible charging structure and is scheduled to go on the market by the end of the year.

In a bid to streamline administration, investors will get incentives to choose from existing third-party fund links which are available through Skandia&#39s investment, life and pension platforms.

Investments in external vehicles, including residential property, will be accepted but will incur higher annual fees as they are likely to be paper-based transactions.

The Sipp will carry a £150 front-end charge and £160 annual fee for investments in Skandia funds and cash but an additional £200 a year will be levied for portfolios with any other investment types.

The Sipp will be incorporated into the Skandia wrap at launch, enabling IFAs to view consolidated valuations of their clients holdings in Skandia wrappers and products.

The Skandia tie-up is Sipp specialist AJ Bell&#39s first branded Sipp arrangement with an insurance company. Details of the arrangement between the two are still being thrashed out, including whether the arrangement will be an exclusive one.

Skandia pensions marketing manager Billy Mackay, says: “The charging structure reflects how IFAs use the Sipp and the additional charge is only for investors who want to hold property, for example. It is not about penalising investors but reflects the extra admin that they are generating.”


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