Standard Life is offering a new self-invested personal pension for clients looking for greater control of their pension fund.
It offers immediate basic-rate tax relief on contributions to maximise investment opportunities and is available as a single-charge version for customers invested entirely in its Sigma range of funds.
The Sipp will provide access to direct equity investments and commercial property as well as all eligible pooled funds from every investment manager available to UK investors.
The Sipp has a dripfeed drawdown feature, whereby each income payment combines an amount of tax-free lump sum with an amount of taxable income, as opposed to phased drawdown which pays out a tax-free lump sum followed by regular payments of taxable income.
Standard says this can be used to minimise the income tax payable on the pension income and maximise the lump sum available to dependants on death.
Standard is offering three types of commission – funded initial commission up to 3 per cent charged at a rate of 0.2 per cent a year per 1 per cent of commission taken, initial commission up to 5 per cent charged at 1 per cent for every 1 per cent commission taken and fund-based renewal commission of up to 0.5 per cent a year charged at 0.01 per cent for every 0.01 per cent commission taken.
Marketing director Barry O'Dwyer says: “In our new Sipp offering, we have an innovative product that offers the kind of control, flexibility and investment freedom that sophisticated pension customers are seeking. All this is brought together as a Standard Life offering based on first-class service for advisers and customers alike.”