So... Its here. Not a finished article as yet as only accumulation.
What does everyone think?
It will be useful for a certain section of the market no doubt. Fees as expected low as well. Will be interesting to see what it offers from a drawdown perspective and not just the options but how functional it is.
Yep, agree. Fits well for those with modest saving maybe. No facility for adviser charging though as far as I've read, so would people want to hand over their hard earned cash outside of the product for the management... The cynic in me thinks that it will be negatively screened by advisers due to the fact that it doesn't offer it.
How do you go about researching something brand new onto the market though
.....hard to ignore.
Still, how could you recommend it when you have no idea if the service is up to scratch. It could be another Pru Retirement Account (or whatever the last pension they introduced was), where they massively underestimated the takeup and couldn't cope with the influx of work
@T_Smith I guess that is why, in part, they are launching it as an accumulation only product.
They now how to run an ISA so contribution and regulatory reporting for pension shouldn't be too much of a stretch.
Once they are happy with systems and controls they can roll out the tricky decummulation bit.
But yes, proof will be in the pudding.
They've done well with their D2C ISA & GIA. As a client, it's been flawless for me. Disappointed the pension doesn't take employer contributions yet though. That stopped some of my team going there.
Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern. Republican.
Why a SIPP though, not a PP?
@richallum I saw on twitter someone had called them to confirm if ER contributions were accepted and they said it was? Have you contacted them?
@Nath ER contributions only allowed from your own LTD Co if you're a director & shareholder.
Thanks for clarifying @richallum
I'll also be interested to see the SIPP offered by the Freetrade app when that is launched in 3-6 months. I understand that they will offer both Vanguard and non-Vanguard ETFs. But like mentioned above, this is probably going to be an 'accumulation phase' focused product too!