Xafinity Sipp offers IFAs ‘total freedom’

Xafinity is offering a low-cost, whole of market Sipp as part of its RDR offering.

The firm says the SimplySipp product allows advisers to choose any platform, wrap, fund supermarket or investment manager to invest and manage their client’s pension funds.
IFAs can choose any deposit account, structured product or trustee investment policy for the underlying investment although structured product investments are subject to review by the provider.

Xafinity will charge members a £250 set-up fee, with no additional charges for contributions or transfers-in.

The annual fee is fixed at £250 regardless of the size of the Sipp fund and the product allows investors to use both flexible and capped drawdown at retirement.

Director of self-invested pensions Andy Bowsher says: “The SimplySipp product is a true whole of market Sipp, with the RDR in mind. IFAs and clients want choice, they do no want to be coerced into using the Sipp provider’s investment partners.

“The SimplySipp product has been designed to allow the IFA total freedom to choose any mainstream investment product from any provider.”

Radcliffe & Newlands chartered financial planner Mel Kenny says: “The market is being flooded with low-cost Sipp products at the moment. I think there is a desperation from some of the big Sipp providers to increase market share at the lower end of the Sipp market ahead of the RDR.”