Money News
Prudential has further strengthened its presence in the retirement solutions market with the launch of a new lower cost SIPP option - FundSIPP - with direct access to the independent fund supermarket, Cofunds. With over 1,100 funds to choose from in the Cofunds range, these funds complement Prudential's existing insured fund range, which includes the multi-asset funds managed by the Pru's Portfolio Management Group.
The Pru will continue to offer its full SIPP option, giving those customers who require a broader range of investment choice, access to the complete range of SIPP investments, including commercial property, discretionary asset management and online share-dealing through Stocktrade.
According to a recent report by Defaqto, the average set-up fee for a SIPP is £249 and the average annual administration fee is £412. The annual administration fee for the FundSIPP option is £200 plus a set-up fee of £150, meaning customers could save £311 in the first year and £212 each year after that, claims the Pru.
Worth noting is that through December 31st there is no set-up or ongoing annual administration fee for access to the FundSIPP option if over £50,000 is kept in Prudential's insured funds. This could save customers more than £10,000 over the course of their investment, the insurer says.
20 May 2008 © Moneyextra.com
Moneyextra.com recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.