Provider DP Pensions has launched the Premier Trust Single Investment SIPP in response to the growing number of advisers using them for clients.
The self-invested personal pension (SIPP) provider said its latest offering would compliment its existing product range and offer a lower cost option for advisers and their clients.
Managing director David Phillips said: “We have seen unprecedented change in the pensions industry in recent years and advisers are looking to partner with firms that are developing their product ranges, are financially strong and committed to the market for the long term.
“We are seeing growing interest from advisers using a single fund manager and have developed the Premier Trust Single Investment SIPP to meet this need.”
The new SIPP will be able to hold the plan bank account and one investment account with a panel investment manager.
DP Pensions has more than 40 investment managers on the panel. If the desired investment manager is not currently on the panel they will look to add it providing it meets the required due diligence.
Director Elaine Turtle (pictured) added: “Advisers are under increasing pressure to minimise the time they spend on administration and enable them to spend more time advising clients.
“They are looking for products that are simple to set up and are cost effective for clients.”
Charles Cameron Financial Planning head of financial planning David Schiller said there was continued client demand for simpler SIPP products with lower fees “but with the same technical knowledge and service underneath it”.
He added: “With continued consolidation in the financial services sector, the adviser community look to have the flexibility to move DFM or platform, should service deteriorate and this product enables us to have that.”
David Taplin, chairman of Argentis Financial Management, and head of wealth at Arthur J. Gallagher said: “With clients looking to consolidate smaller pension pots but retain the flexibility to decide on the investments, the DP Pensions Single Investment SIPP will be ideal.
“There is a very wide range of DFM partners and these have been carefully selected based on their own due diligence, and there are low charges as you might expect from this type of product, but also if a client decides they want more flexibility to perhaps invest in commercial property then the SIPP can easily move to the DP Pensions Premier Trust SIPP product to accommodate this, making it a very useful financial planning tool.”
The product has a £195 annual fee.