Accounts below £75,000 will be charged an annual fee of £100 per annum. Non-standard assets will not be permitted in the Sipp.
The launch follows 7IM gaining approval in April to open a Jersey office .
Verona Smith, head of platform at 7IM, said the Sipp shows the firm’s commitment to offering a joined up retirement planning proposition.
“We have put huge amounts of resource, technology and investment into this launch to develop a very competitive offering.
“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.
“We also understand that, from a suitability point of view, it is important that we keep our open architecture approach and continue to make available other Sipps via the 7IM platform,” Smith said.
The 7IM Sipp investment options include:
- Cash funds
- Exchange traded products (ETPs)
- Government and local authority bonds and other fixed interest stocks
- Investment notes (structured products)
- Managed pension funds
- Permanent interest bearing shares (Pibs)
- Real estate investment trusts (Reits)
- Equities including investment trusts and closed ended investment companies
- Units in regulated collective investment schemes