Suffolk Life targets mass affluent with SmartSIPP

Suffolk Life will launch its SmartSIPP by the end of June.

The launch is the latest in a string of low-cost, web-based SIPP products aimed at mid-range investors to appear on the market.

James Hay Partnership launched its iSIPP in February, whilst AJ Bell revamped its SippCentre offering earlier this year.

Suffolk Life said it will offer links to a range of platforms for the SmartSIPP from Cofunds, Fidelity, Ascentric, Raymond James and Seven Investment Management, as well as execution-only broking from Stocktrade.

"Whilst the demand for bespoke SIPPs backed up by high quality personal administration remains, there is little doubt that market growth has shifted towards the mid-sector, servicing the mass affluent and increasingly influenced by platform use," said Greg Kingston, head of marketing at Suffolk Life.

He added the provider expects the mid-range SIPP market to grow by 30% every year leading up to the retail distribution review (RDR).

The SmartSIPP has no establishment fee if set up online, or a paper application fee of £100.

It has an annual fee of £250 and no fees for cash transfers in, direct debit contributions, or buying, selling and switch transfers on the platform.