A Sipp firm has announced it is launching an "improved version" of one of its products in response to demand from advisers as the drawdown rules change.
The Xafinity SimplySipp will have two investment accounts to support both accumulation and decumulation investment strategies within the Sipp.
Advisers had expressed a desire for greater flexibility and said they were looking for a product suitable for clients taking advantage of the new drawdown pension regime, but at low cost.
With two investment accounts the Simply Sipp can hold discretionary fund manager accounts, stockbroker accounts, WRAP, unit trusts, OEICS, bank deposit accounts and most structured products.
All Xafinity Sipp products are 'whole of market' and the annual fee for holding one investment account is £250pa + VAT, increasing to £299pa + VAT for two investment accounts. Fees are collected monthly in arrears and additional fees apply.
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Andy Bowsher, director of Self Invested Pensions at Xafinity said: "This brings our SimplySipp right up to date for April 2015. Indeed all Sipps & SSASs administered by us are ready for the April 2015 pension changes."
Jeff Steedman, head of Sipp/SSAS business development, said: "In order to facilitate the new drawdown rules many advisers were asking for two investment accounts to accommodate a strategy for both longer term growth, in the likes of a DFM/Stockbroker account, with a separate investment strategy for the shorter term. The second account can be more liquid to facilitate all drawdown payments, via the Sipp current account.
"Clients can also upgrade at zero cost to our flagship XafinitySipp if they wish to access the full scope of Sipp investments, for example investment in commercial property, or land."