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Winterthur and Credit Suisse launching Sipp

Winterthur Life and Credit Suisse Private Clients are offering their first joint product since the £5.8bn merger of their parent companies last August.

The companies are launching a self-invested personal pension managed by Credit Suisse and designed by Winterthur Life. Product litera ture will carry both company brands.

The Credit Suisse Managed Pension Portfolio will allow clients to develop an individual investment strategy. It will provide half-yearly reports and regular performance reviews.

Winterthur claims its charging structure is one of the most open in the market and has rejected the use of hidden charges such as bid/offer spreads and capital units.

Annual management charge is 1 per cent for funds up to £250,000. There are no charges for income drawdown, phased retirement or transfers.

The Sipp provides an income-drawdown option but Winterthur and Credit Suisse have shunned collective investments for drawdown, preferring Credit Suisse&#39s individual portfolio management.

Winterthur has also reacted to industry fears over commission for income-drawdown sales.

In January, PIA chairman Joe Palmer slammed high income-drawdown commission as the PIA launched a major probe into the market.

Winterthur has set up a flexible commission plan to allow IFAs to agree remuneration with clients. Minimum investment is £100,000.

Winterthur Life director of sales and marketing John Moret says: "The Credit Suisse Sipp provides a ready-made solution to the increa singly problematic investment and risk issues associated with converting your pension fund to income."

There are 40 providers in the Sipp market, which is worth about £3bn.


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