Liberty has announced the launch of a new Self-Invested Pension Plan (SIPP).
The Liberty Option SIPP is designed to reduce complexity and make life easier for clients and advisers alike.
Speaking to Investment Sense, John Fox, Managing Director of Liberty said: “Our aim is to be able to fit our fee schedule on the back of a business card, it needs to be that simple and easy to understand.”
John continued: “The key feature of the new Option SIPP is one of fairness; investors will only pay for the features they use and the SIPP bank account, held with Metro Bank, pays a full 1% interest, unlike other SIPP providers we retain no interest whatsoever.”
“Furthermore applications are paperless and we’re offering full online tracking to help clients and their advisers monitor transfers in.”
The Option SIPP, which will replace the existing three SIPPs offered by Liberty for all new applications, has already been awarded the prestigious Five Star rating by Defaqto.
Liberty Option SIPP charges
The charges for the new Liberty Option SIPP are certainly simple, fair and very competitive.
If the application is submitted online no initial fee is charged and the annual fee stands at £150, which includes one standard investment.
For investors looking at Income Drawdown, there is no initial fee and the annual fee is a modest £100, which is waived if income is not taken.
The fees for purchasing a commercial property include an initial one off charge of £450 plus £400 per year; in common with other SIPP providers there are additional charges where borrowing is involved or the scheme needs to register for VAT.
You can view a full list of the charges on the Liberty Option SIPP by clicking here.
The new SIPP will allow investment into a wide range of assets including commercial property, external deposit accounts, and directly held assets such as shares, gilts and corporate bonds.
In a move which emphasises the fairness and transparency of the Option SIPP, there are no restrictions on which platform, Discretionary Fund Manager (DFM), stockbroker or bank accounts investors can use.
Who is Liberty SIPP?
Liberty SIPP was founded in 2007 by Managing Director John Fox.
Over the past six years Liberty has grown in size and now manages 3,500 SIPPs with total assets under management exceeding £200 million.