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7IM becomes pension provider with Sipp launch

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7IM becomes pension provider with Sipp launch

Not content with just being a platform and investment manager, Seven Investment Management (7IM) will for the first time become a pension provider with the launch of its Sipp. 

7IM will not charge a fee for establishing a Sipp. Clients with £75,000 or more will not be charged an annual Sipp fee, while those with less than £75,000 will pay an an annual fee of £100.

However other charges ranging from £75 to £300 will apply when clients want to transfer out, close their Sipp or split the assets following a divorce.

Other Sipps will still be accessible on the 7IM platform after the launch of its own offering. 

Verona Smith (pictured), head of platform at 7IM, said the Sipp was launched to meet adviser demand. 

'We have put huge amounts of resource, technology and investment into this launch to develop a very competitive offering,' she said. 

'Many advisers have told us that it was important for their client experience to have a cost effective and easy to access Sipp which is fully integrated with the 7IM platform.'

Clients with £75,000 or more will not be charged for transferring in funds from other defined contribution schemes that have not been crystallised while those with less than £75,000 will be charged £50 for a transfer. When the funds being transferred are already in drawdown all clients will pay £50. 

Clients also face a £75 exit charge if they want to transfer cash out or close the Sipp. They will be charged £200 if they want to make an in-specie transfer. 

Those receiving income from their Sipp will be charged £135 a year, and clients who switch from capped to flexi-access drawdown, crystallise their benefits or review capped drawdown limits will be charged £75. 

Splitting assets following a divorce will cost £300, as will distribution of death benefits.

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