James Hay has launched a Modular iSipp which builds on the existing James Hay Sipp and allow advisers to add additional investment modules.
This method adds flexibility for pension savers and means the client only pays for what they use when they use it.
It will be available for both new customers and existing James Hay iSipp customers who will be able to convert to the modular version.
The cost of the James Hay iSipp will remain the same at £180 per annum and additional modules can be added to £50 per module per annum, bringing the total for all three modules to £330.
Clients are only charged for the initial selection of the module and then annually thereafter if the module is still active. Modules no longer in use at their anniversary will not be charged for.
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The additional modules are a whole of market module, commercial property module and specialist investment module.
Whole of market allows the inclusion of investments from outside the James Hay Investment Centre and the ability to appoint third party investment managers, commercial property includes the availability of commercial business premises or land and specialist investments allows investments such as gold bullion and unquoted shares.
Chris Smeaton, head of product development, said: "It is vital for advisers to have solutions which truly meet the needs of clients in the most cost-effective manner.
"This product evolves and grows along with the changing needs and risk appetites of the investors, offering the adaptability to develop more sophisticated portfolios over time, as the needs of clients change."


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