The new self-invested personal pension product, called The Simple Investment SIPP, is aimed at those seeking more control over their pension pot and has been designed to take full advantage of the new UK pension reforms that came into effect on 6 April.
At its core the new SIPP offers all the elements of L&Cs existing multi-platform SIPP. This gives it full access to L&C’s current investment partners, investment managers, execution only stock brokers, investment platforms and offshore bond providers.
There are currently 18 investment partners on L&C’s panel providing access to over 10,000 funds though advisers will also be able to use other non-panel investment providers as required.
In addition the new SIPP will offer access to non-standard investments like peer-to-peer lending companies.
The product can be built up using all these individual components with annual fees starting from £199 a year for the core component and rising as clients choose to add more features as and when required.
The drawdown features of the new SIPP will allow savers to take lump sums or income as required in the most tax efficient ways once they have decided to take their pension benefits.
“The Simple Investment SIPP from London & Colonial will offer all of the drawdown options including Capped Drawdown for clients wishing to maintain their £40,000 annual allowance as well as the new UFPLS and Flexible Access Drawdown,” Adam Wrench, head of product at London & Colonial, said.
“There are no hidden extras – absolutely everything is laid out clearly and up front, thus providing advisers and clients with total transparency when it comes to SIPP fees,” he said.
