IG Group has partnered with James Hay, a retirement wealth planning investment platform, to unveil a new self-invested personal pension (SIPPs) offering, helping cater to longer-term traders, according to an IG Group statement.
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IG’s SIPPs will be administered by James Hay, which will in turn rely on their Modular iPlan pension product – the cost for this service yields an annual administration fee of $286 (£195) per year. James Hay is a household name for pensions, which boasts nearly 56,000 clients and upwards of $28.5 billion (£19.4 billion) in investments.
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Per the new offering, IG SIPP will also aim to provide its investors with access to myriad domestic and international shares and exchange-traded-funds (ETFs) – all SIPP eligible markets on IG Group’s share dealing platform are slated to be available within the SIPP framework.
IG Group’s SIPP is also fully compatible with existing SIPPs and will enable users and new investors to transferring their existing SIPP or shareholdings within to their IG equivalent. In addition, a one-off cash incentive is available between £75 and £250 to those transferring at least £10,000 into an IG SIPP account.
According to Ian Peacock, Head of UK and Ireland at IG Group, in a recent statement on the offering: “The addition of SIPPs is an important step in the development of our offerings for the longer term investor. As the government moves further from pension provision, placing the responsibility to prepare for retirement firmly on the end investor, it is important that clients have access to the full range of account types to efficiently manage their long-term investments.”
IG Group made headlines recently after it launched the London Mayoral Election Barometer, helping guide traders with data insights ahead of the election earlier this month. The group had also done the same for the US primaries, part of an ongoing effort to fortify its offering with more informative analyses.