Seven Investment Management (7IM) has become a pension provider this week by launching its own Self Invested Personal Pension (SIPP) with no annual fee on accounts above £75,000.

There is no establishment fee and a fee of only £100 on accounts below £75,000, says the London-based fund firm. The platform firm will also continue to allow access to other firm’s SIPPs.

Non-standard investments will not be permitted in its SIPP.

Verona Smith, head of platform, Seven Investment Management (7IM) said: “Becoming a pension provider in our own right underscores our commitment to offering a joined up retirement planning proposition. We have put huge amounts of resource, technology and investment into this launch to develop a very competitive offering.

“Many advisers have told us that it was important for their client experience to have a cost effective and easy to access SIPP which is fully integrated with the 7IM platform. We also understand that from a suitability point of view it is important that we keep our open architecture approach and continue to make available other SIPPs via the 7IM platform.

“The launch of our SIPP is a natural part of our evolution. The 7IM platform has the technology and flexibility to help us deliver a Retirement Planning Service that we are really proud of, and the introduction of our own SIPP enhances this further.”

7IM, which manages about £12.5bn in assets, says it is able to pre fund tax relief on pension contributions so that more money is being put to work earlier than can sometimes be the case.

Permitted investments (No non-standard assets will be permitted)

The 7IM SIPP can include:

Bonds

Cash

Cash funds

Exchange traded products (ETPs)

Government and local authority bonds and other fixed interest stocks

Investment notes (structured products)

Managed pension funds

Permanent interest bearing shares (PIBs)

Real estate investment trusts (REITs)

Equities including Investment Trusts and closed ended investment companies

Units in regulated collective investment schemes