This includes all transfers-in, new contributions and the investment set up.
The SimplySipp product was launched by Xafinity in October 2011 and allows investment into any platform, wrap, fund supermarket, discretionary fund manager account and deposit account. It also allows for investments into structured products and trustee investment policies. Within its retirement options it allows for use of income drawdown.
Annual fees for the SimplySipp, which includes all main services and no additional fees for investments, bank accounts or annual statements, are £250 plus VAT and clients can move to the full Xafinity Sipp for zero fee.

Jeff Steedman, Sipp and Ssas business development manager at Xafinity, said he hoped to encourage more advisers to use Sipp products.
He said: "SimplySipp has opened the door to a new set of advisers to Xafinity's Sipp products and our service remains excellent which is retaining business. But we recognise the market for simple Sipps is very competitive at present and is price sensitive.
"The cut gives more IFAs the opportunity to offer a great entry-level Sipp to their clients and will also encourage new advisers who didn't previously offer the full Xafinity Sipp. Operational efficiencies mean we can deliver this kind of value without compromising our financials or service."
For more information click here for the Xafinity website.