The new Sipp will be a self-invested wrapper offering advisers and consumers flexible investment options.

Initial partners in the scheme include Cofunds, Fidelity and Ascentric.

Suffolk Life expects that mid-range Sipps will grow by more than 30 per cent up to the RDR and beyond.

Greg Kingston, head of marketing at Suffolk Life, said: “While 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.”

The new Sipp also includes a free online application option which will remove the Sipp establishment fee.

The annual fee will be £250 and there will be no charge for online applications, cash transfers in, contributions by direct debit or to buy, sell and switch transactions on platforms.

David Hobbs, Suffolk Life managing director, said: “Suffolk Life is committed to investing in the delivery of high quality products and is continually looking at methods of improving and evolving our range.

“SmartSipp is the latest of these and over time we expect it to significantly evolve with the introduction of increased functionality and additional adviser-focused platform partners.”

The new Sipp is expected to be available by the end of June.