Friday, 21 April 2017 11:37

New Sipp launched as firm seeks to show ‘clearer charges’

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Momentum Pensions website Momentum Pensions website

Momentum Pensions has launched a new Sipp and overhauled its existing products to show ‘clearer charges’.

The pension specialist and Sipp provider, said the new product was designed help tackle the lack of transparency in the property purchase market.

Meanwhile, it has redesigned all of its Sipp range.

The Property Sipp is designed as a “new concept for those looking for commercial property investment with a simplified fee structure that has charges clearly stated upfront”.

John McCreadie, head of sales (UK), Momentum Pensions, said: “Advisers continue to highlight the need for clarity over charges and the demand for a system where they can easily compare products without having to wade through endless reams of complicated small print has never been higher.

“There is a particular lack of clarity in the property purchase market which is an area that needs addressing urgently and the Momentum Property Sipp is designed to do that.”

The firm said the new Sipp “forms part of an enhanced Sipp range following feedback from advisers and clients which highlighted growing demand for increased transparency over charges and the level and number of fees”.

The feedback it received was that “meaningful comparisons cannot be made due to complex fee structures, with no commonality between providers”.

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