Talbot and Muir has launched a new self-invested personal pension (SIPP), which will bring together features of existing products the Elite Retirement Account and Simple Retirement Account and introduce a tiered charging structure.
The Talbot and Muir SIPP will not charge for online set-up and will allow clients to pick and choose the modules they want to pay for.
The SIPP will be available through advisers only and provide a full range of retirement options, aiming to cater to both accumulation and drawdown clients.
Talbot and Muir said it will offer a wide range of investments – all off-panel – using the same investment wrapper for different client needs.
As an example, earlier in June the Royal Mint made gold available as an investment in SIPPs through its bullion trading platform for the first time.
The Talbot and Muir SIPP will charge an annual administration fee of £195 for its lowest tier, which will offer a default bank account and single investment or investment portfolio. Its first upgrade, offering multiple investments, will cost £345, followed by £770 for multiple investments and a single commercial property.
Director Graham Muir said the product was designed to be a “SIPP product for life”, which would allow clients to adapt to changing circumstances without needing to switch products.
The new offering was needed following recent reforms of the pension market, which gave all defined contribution savers access to the whole range of retirement options, he said.
The firm’s head of pensions technical Claire Trott (pictured) added the tiered system would allow clients to avoid any form of cross-subsidy when wanting to access additional services and that initial feedback had been positive.
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