International life insurer RL360 has teamed up with pension administration business Hartley Pensions to create a self-invested personal pension (Sipp) to be used with its single premium products.
The RL360 Sipp can either be set up entirely online or via a paper application form.
It will be managed by Hartley Pensions and is perfect for “clients who want to carry out a pension transfer or begin funding their retirement”.
The Sipp is open to both UK and non-UK residents.
Major step in the right direction
Neil Chadwick, RL360’s head of technical services, said: “In conjunction with Hartley Pensions, we are really pleased to be able to offer advisers the choice of an alternative pension product that enables the application and ongoing servicing of the scheme to be done entirely online.
“Recent months have demonstrated the importance of being able to make people’s lives as easy as possible and we believe this is a major step in the right direction.”
Michael Baber, technical director at Hartley Pensions, added that the firm’s products “are designed to be flexible, straight-forward and relevant to our clients’ needs”.
Hartley Pensions is known for buying up the pension assets of failed firms, including most recently when it acquired the Sipp business of Guinness Mahon Trust Corporation.
Features
The investment component of the RL360 Sipp is restricted to products of the life insurer only.
Existing pensions can generally be transferred to an RL360 Sipp from HM Revenue and Customs (HMRC) recognised schemes and transfers are also possible from defined benefit schemes.
Minimum initial contribution is £20,000 ($24,796, €22,101) with RL360’s Oracle product as the underlying investment vehicle, or £50,000 for its personal investment management service (Pims).
When transferring an existing pension to an RL360 Sipp, there is no requirement to make any additional contribution as long as the amount exceeds these minimum levels.
