Hallett launches pensions business with broad product range

Christine Hallett, former Pointon York CEO, has unveiled her new pensions business, which will offer a range of products including a Simple and Full SIPP.

Carey Group UK, which has just received FSA approval, is a subsidiary of Guernsey-based offshore pensions administrator Carey Group.

It will provide a number of offerings including individual and group SIPPs, which could allow syndicates to invest in commercial property, SSAS and company pension scheme administration.

Post-retirement options such as drawdown will also be provided and the group will make it easy for clients to purchase annuities with other providers.

Hallett is adamant her new business will embrace Treating Customers Fairly principles, which she believes are not being met by other pension providers.

This will include a focus on transparent charging structures, keeping service standards high and online support for advisers and their clients.

Hallett says: "There are lots of things which are not meeting treating customers fairly including some SIPP providers not clearly stating the interest rate terms on bank accounts or publishing whether they have met their own service standards.

"We intend to publish reports for our connections where we will say if service standards have been met. There will also be no barriers for transferring out as we are not worried about our service levels.

"Our charges are very competitive and up front. We have low cost bank accounts and we will also not be charging for protected rights transfers."

Milton Keynes-based Carey Pensions UK currently employs half a dozen people buts it intends to double this number over the next 12 months.

Hallett says the group will try to offer a ‘cradle to grave' service with a number of clients allocated to a particular administration account manager.

She says there are opportunities for the new company to take business from rival pension providers as there is some dissatisfaction amongst advisers.

"However, there are many new advisers gaining a lot of new business so there are opportunities there too. We would also look to take direct clients as well so we have access to many distribution channels," Hallett says.

Advisers wanting to know more about the new venture should e-mail enquiries@careypensions.co.uk or call: 01908 336010. A new website for Carey Pensions UK is due to launch tomorrow.

CAREY PENSIONS UK SIPP CHARGES

Simple Personal Pension

Restricted to a bank account and investments, although these could include fund platforms or private equity.

Set up fee: £250
AMC: £350

Full SIPP

Comprehensive set of options including property, loan notes and unquoted shares.

Set up fee: £350
AMC: £500

No protected rights transfer fee on either plan. Set-up allows for two free transfers.

Free transfers can also be made from the Simple into the Full SIPP as the client's needs become more sophisticated.