Specialist pension provider Yorsipp has launched what it claims to be the first Auto Invest option in the SIPP market. It will be available across the entire SIPP product range, including the just released ‘Singular SIPP’, with effect from 22nd June, 2015.
Yorsipp, which specialises in SIPP, SSAS and retirement solutions, has selected BirthStar Target Date Funds to create what they call a highly governed Auto Invest SIPP option.
It aims to set a new standard in governance which, says the company, will bring fiduciary best practice to the retail market. BirthStar is a research and advisory firm which develops streamlined investment solutions for asset managers and intermediary firms.
The BirthStar Target Date Fund range provides a suite of low-cost, managed portfolios which are labelled by expected retirement date. Yorsipp claims that the pricing will compare favourably against platform-based SIPPs, with the additional flexibility of investing in off-platform assets.
Mark Canning, Head of Business Development at Yorsipp Mark Canning said: “We are delighted to be working with BirthStar to create a higher standard of governance around SIPP investments. There has been continued call from the FCA for SIPP operators to raise their game, and we are delighted to respond to that challenge. SIPPS are trust-based arrangements and as such the SIPP Trustees have a clear duty of care to their memberships. This, and the new pensions freedoms, means that there is now, more than ever, a greater need to focus customer choices around properly governed investments that focus on outcomes.”
Head of Strategic Partnerships at BirthStar Tom Cropper said: “We are delighted Yorsipp has chosen to offer BirthStar Target Date Funds as its Auto Invest SIPP option, and welcome this much-needed innovation in the SIPP market. Yorsipp’s emphasis on good governance resonates with the core values of BirthStar’s vision to simplify investment without compromising on expertise.”