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Sun Life of Canada launches new product

Charles Schwab is moving into the UK pension market with the launch of a self-invested personal pension.

The Sipp has a minimum initial investment of £5,000 and subsequent investments of £100. The set-up fee is £135 and the quarterly administration fee is 0.125 per cent of fund value for the first £100,000 and no charge thereafter.

Charles Swab Europe director of new product development Will Kinsman says: “In the past Sipps have been seen as highly complex and yet in reality they offer a very effective method of saving for retirement by placing a tax efficient wrapper around a basket of investments chosen by the investor.”

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