RL360 has teamed up with Hartley Pensions, a pension administration business, to create a Self-Invested Personal Pension (SIPP) to be used with the wealth management firm's single premium products.
RL360 said the new SIPP can either be set up entirely online, a major plus given the current covid-19 crisis, or via a paper application form. It is also more cost effective than other pension schemes.
The SIPP will be managed by Hartley Pensions and is open to both UK and non-UK residents and will be perfect for those clients who want to carry out a pension transfer or begin funding their retirement.
We are really pleased to be able to offer advisers the choice of an alternative pension product that enables the application and ongoing servicing of the scheme to be done entirely online."
A SIPP is a tax-efficient investment vehicle intended to provide benefits in retirement. The investment component of the RL360 SIPP is restricted to RL360 products only.
Neil Chadwick, RL360's head of technical services, said: "In conjunction with Hartley Pensions, we are really pleased to be able to offer advisers the choice of an alternative pension product that enables the application and ongoing servicing of the scheme to be done entirely online."
"Recent months have demonstrated the importance of being able to make people's lives as easy as possible and we believe this is a major step in the right direction."
Michael Baber, technical director at Hartley Pensions, added: "We are really pleased to be working closely with RL360, we pride ourselves on establishing and maintaining long-lasting relationships with our business partners and clients by providing them with professional, friendly and personalised administration services. Our products are designed to be flexible, straight-forward and relevant to our clients' needs."