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18 Jan, 2008

Will Henley - 17-Jan-2008

FundsNetwork is to waive core administration charges for its advised Sipp. The waiver will apply for IFAs who make pre-retirement investments into platform mutual funds within the Sipp of at least £150,000.

The firm says the new terms will lead to potential cost savings of £13,000 over 25 years per client.

It says the free Sipp will involve neither set up fees, yearly administration charges, initial fund charges nor fund switching charges. For in retirement, it says administration charges will only apply if drawdown options are selected. The offer is to apply for Sipp sales between 4 February and 2 May 2008.

Fidelity FundsNetwork head David Dalton-Brown says: "This is a ground breaking move from FundsNetwork - a Sipp generally available to IFAs which is free from any pension charges for clients in the pre-retirement phases.

"With the run up to the end of the tax year in sight, this is an outstanding offer. Based on a 25 year plan, these special terms represent a potential cost saving of around £13,000 for the client."

FundsNetwork head of sales and marketing Rob Fisher says: "There has been a lot of growth in the Sipp market, but still some people have outdated views of Sipps' having an expensive wrapper. This disproves that point categorically."

He adds: "Platforms have really led the charge in moving into the retirement space. We are very serious in being a major player and we think it will be really popular."

Under the offer, FundsNetwork says only new Sipp customers investing applications with a gross value of £150,000 or above investing in core investments will be eligible. Core investments will include platform mutual funds, Standard Life Policy Funds and the Sipp Bank Account.

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