Sipp provider James Hay has joined forces with specialist wealth management firm Berry Asset Management to offer a Modular iSipp product.
Berry Asset Management was founded in 1981 and provides portfolio management services to the private investor and trustee.
The modular iSipp fee arrangement is that Berry Asset Management will pay 100 per cent of the £180 annual fee on behalf of customers investing more than £150,000 with the firm.
It will also pay 50 per cent of the £180 annual fee on behalf of customers investing between £75,000 and £150,000 with no VAT levy.
The Modular iSipp is free from annual management charges and initial charges but other charges may be levied by James Hay dependent on client requirements.
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Paul Cadman, director of wealth management sales at Berry Asset Management, said the arrangement offered "tremendous value" to clients.
He said: "The initial costs involved in setting up a Sipp are commonly in excess of £200, so, with the annual fees paid either in full, or at 50 per cent, and establishment charges, Investment Manager account set up fees and transfer-in charges all waived - this will be presenting clients with tremendous value.
"Our discussions with both existing and new adviser clients on this new initiative have been extremely positive, and I am optimistic that this will be the start of another long and mutually successful relationship."
Chris Smeaton, head of product development at James Hay, said: "Berry has an excellent reputation in the wider wealth management market and we were only too pleased to work with them in creating this bespoke value-added product solution."

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