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New boys enter into Sipp and SSAS arena

  • Financial Adviser.com

    New boys enter into SIPP and SSAS arena

    A new SIPP and SSAS provider promises to take on more established rivals by offering full investment flexibility at one of the lowest prices in the market.

    Rupert Curtis, an actuary, and pensions specialist Chris Banks have set up new SIPP and SSAS provider Curtis Banks.

    Mr Curtis said the Curtis Banks Sipp's basic annual fee of £245 was among the lowest in the industry for a full SIPP product and all other charges for additional work and one-off transactions were extremely competitive.

    Curtis Banks will not charge for receiving standard transfer payments or contributions to the SIPP and transaction charges, which can quickly result in high costs for products that at first sight seemed inexpensive, will not be imposed.

    According to Mr Curtis, managing director of Curtis Banks, the SIPP will enable people to invest in any investment within HM Revenue & Customs limits, such as unquoted equities, gold bullion, contracts for difference and hedge funds will be allowed.

    In Specie transfers are also accepted and Mr Curtis said competitive interest rates would be available on deposits.

    When benefits are taken, Mr Curtis said the full range of options would be available for investors, including scheme pensions.

    The administration and day-to-day running of the Curtis Banks SIPP will include immediate access to an allocated account manager, online access to current asset valuations plus the option to use Curtis Banks' in-house lawyer for property transactions.

    Tom McPhail, head of pensions research of Bristol-based IFA Hargreaves Lansdown, said while the fee was relatively low for a full fat Sipp there are already plenty of good SIPP and SSAS administrators already out there.

    He said: "I would come back in a year's time and see if their proposition still looks strong then before handing over to them the care of my clients' retirement funds.

    "There are plenty of administrators out there already and the full fat SIPP is a niche product that has been largely eclipsed by the low cost SIPP market."

    http://www.ftadviser.com/FinancialAdviser/Pensions/Personal/SIPPs/News/article/20090701/f726905a-616a-11de-b8e2-0015171400aa/New-boys-enter-into-Sipp-and-Ssas-arena.jsp

    • Story by: Emma Ann Hughes
    • Published Wednesday , July 01, 2009