London and Colonial have launched its new product, the Simple Investment Sipp, to take advantage of the pension reforms.
The firm said that it includes all the new flexibilities and promised clients would get "total transparency when it comes to Sipp fees" and "no hidden extras".
The product is part of the latest development of the firm's Multi-Platform Sipp.
It provides access to alternative providers not already listed on London and Colonial's panel, with the option to invest in any opportunities included on its Permitted Investments List.
The Sipp also allows access to investments considered to be non-standard such as Peer-to-Peer Lending.

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Adam Wrench, head of product at London & Colonial, said: "The Simple Investment Sipp from London & Colonial will offer all of the drawdown options including Capped Drawdown for clients wishing to maintain their £40,000 annual allowance as well as the new UFPLS and Flexible Access Drawdown.
"We have split our new Simple Investment Sipp into a number of components meaning clients only pay for the components they actually use. There are currently 18 investment partners on panel to choose from providing access to over 10,000 funds. Advisers are also able to use other non panel investment providers as required."
He said: "There are no hidden extras – absolutely everything is laid out clearly and up front, thus providing advisers and clients with total transparency when it comes to Sipp fees."
Annual Sipp fees start from £199 per annum for the core component and increase only when clients choose to add more components as and when required, he said.