Hargreaves Lansdown has launched a self-invested personal pension (Sipp) with no fixed initial or annual management fees. Investors in the Hargreaves Lansdown Sipp will be able to use the group's Vantage system, which gives investors access to around 1,000 funds from 72 different managers as well as consolidated investment statements and discounts on initial charges.
There is a flat rate of £14.95 for online dealing and for telephone and paper deals the charge is 1%. For a minimum investment of £25,000, investors will have access to investment research by the group's Performance and Discount Review and Investment Times and through its website.
'The Financial Services Authority's paper on transferring pensions, reminds investors of the importance of getting the best possible value from pension investments,' says Tom McPhail, pensions research manager at Hargreaves Lansdown. 'There are far too many pension investments languishing in policies sold over the last 20 years, with high charges and poor fund performance. This Sipp is targeted at investors who are not currently getting the most out of their pensions.'