IG Group partners with James Hay to launch self-invested personal pensions (SIPPs)

Leading UK financial spreadbetting broker IG Group Holdings plc (LON:IGG) has announced the launch of a self-invested personal pension (SIPPs) offering, in partnership with pensions provider James Hay.

An IG SIPP provides investors with access to thousands of domestic and international shares and ETFs, offered via IG’s execution-only share dealing service. All SIPP eligible markets on IG’s share dealing platform are available within the SIPP. Customers are able to invest via any of IG’s platforms and apps, including its desktop platform and apps for Android, iPhone, iPad and Windows Phone.

Ian Peacock, IG Group

Ian Peacock, IG Group

Ian Peacock, head of UK and Ireland at IG Group, said:

The addition of SIPPs is an important step in the development of our offerings for the longer term investor. As the government moves further from pension provision, placing the responsibility to prepare for retirement firmly on the end investor, it is important that clients have access to the full range of account types to efficiently manage their long term investments. Through our award winning platform you can invest your SIPP in over 8000 shares and ETF’s globally 24 hours a day.

The IG SIPP is available to new investors and those transferring their existing SIPP or shareholdings within their SIPP to IG. A one-off cash incentive of between £75 and £250 is available to those transferring at least £10,000 into an IG SIPP account.

There is no charge to open an IG account and the same low commission rates for share dealing apply. IG charges £8 standard commission for UK shares, falling to £5 special commission if 10 or more trades have been made in the prior month. IG also has no annual platform fee, exits fees or hidden custody fees.

Ian Peacock added:

Unfortunately fee structures in this industry are needlessly complex and confusing with many hidden fees and charges. Although headline fees may seem insignificant today they can have a huge impact on the performance of your investments over the long term. We will not charge customers any platform, custody or exit fees. Just commission per trade from as low as £5.  We have also today introduced a cash bonus incentive to help compensate any customers who would like to switch to an IG SIPP, ISA or share dealing account but are being charged exit fees by their existing provider.

IG SIPPs are administered by James Hay, using their Modular iPlan pension product at an annual administration fee of £195 per annum. James Hay is a leading pensions provider, trusted by nearly 56,000 clients to look after more than £19.4 billion in investments.

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