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May 21, 2008    

New SIPP launched by Prudential

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by Kay Murchie

Prudential has increased its presence further in the retirement solutions market by introducing a new lower cost self-invested personal pension (SIPP) option called FundSIPP, which is in partnership with Cofunds.

With more than 1,100 funds available 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 has pointed out that through to December 31, there is no set-up or ongoing annual administration costs for access to the FundSIPP option, providing over £50,000 is kept in Prudential’s insured funds.

Over the course of a customer’s investment, this could mean a saving of over £10,000.

The insurer 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.

Julie Mulvanny, head of individual pensions at Pru, said the benefits of Prudential’s SIPP option is that it is available through both the personal pension and income drawdown elements of our flexible retirement plan.

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Tags: Cofunds, FundSIPP, , retirement plans