SIPP and SSAS provider Dentons has launched a new self invested pension with a reduced establishment fee and fixed charging structure.
The SIPP is open architecture, allowing advisers or clients to select any platform to use within the product.
The product launch is part of a series of measures by the provider to become more mainstream, which includes a rebranding exercise and the appointment of SIPP industry veteran John Moret (pictured), previously Suffolk Life marketing director.
Denton’s new SIPP also has an online function in which advisers can view their clients’ assets and check their latest valuations and cash account balances.
The Dentons SIPP includes online access to account balances, a more flexible contribution structure and a reduced establishment fee of £350.
Chairman Martyn Rose denied the newly launched SIPP was a move to commoditise its bespoke SIPP offer to appeal to the mass market.
‘We are playing to our bespoke heritage, what we are not doing is going into commoditised, platform, high volume market,’ said Rose.
‘We want to be on the front foot. There has been a lot of work behind the scenes and there is no one in the bespoke market who has got that kind of online capability and we want to show we are cost competitive…we want to show that actually we are very good at the plain vanilla cost competitive Sipp.’
He added: ‘We are adapting to the new market conditions’.
David Fox, director of sales and marketing at Dentons, said: “We believe the online functionality will provide advisers with an effective way to review their client’s SIPP plans, giving the most up to date information for a client at any time.
“With the Dentons SIPP there are no hidden surprises. We have worked hard to develop a solution that is easy to understand and puts the adviser and client in control at all times.
“Having flexibility within the investment options ensures that the Dentons SIPP suits the ever-changing needs of clients.”
The launch comes after a spate of new SIPPs with online functionality from a variety of providers.
In June 2011, Suffolk Life launched its SmartSIPP, while, in Q1 last year, James Hay unveiled a similar product and AJ Bell updated its SIPPcentre with an ISA and dealing account.