The platform currently has flexible pension contracts that it claims offer many of the same benefits as Sipps, but the new product will allow investments in unregulated collective investment schemes such as syndicated property funds without the maximum value restrictions of 20 per cent that currently applies to insured pensions.
However, as with the Transact personal pension plan, the new Sipp will not allow investments in physical property or unlisted securities.
As a result of the regulatory changes protected rights can be invested in the new Sipp.
Charges on the Sipp will be identical to those on the personal pension plan.
Head of marketing Malcolm Murray says: “Given the flexible nature of our current pension contracts this should not be seen as a major product launch, rather it is simply a gradual extension of the investment flexibility of our tax wrappers.”
He says the platform had held back from launching a Sipp as it hoped some of the investment restrictions on insured pensions would be lifted, but Transact decided that it was not worth waiting any longer for such changes as advisers wanted access to the full flexibility of a Sipp sooner rather than later.