Momentum Pensions, a Malta-based international pension specialist and independent pension trustee, has launched its first UK SIPP residents called the Momentum SIPP.

The plans offers standard options plus, says Momentum, the option to switch for free within a multi-jurisdictional proposition. It claims this is the first UK SIPP to offer such a feature.

The Momentum SIPP launches with a variety of Discretionary Fund Manager (DFM) partners in place and plans to add more as the product evolves. It comes with a new platform for advisers and their clients, with future enhancements planned.

The SIPP will be managed from the group’s Manchester office and will accept a minimum transfer value of £40,000, with switcher deal terms available until 30 September.

The company, which works through financial advisers, says that independent research reveals that more than half (51 per cent) of advisers say they are expecting an increase in client enquiries about opening new SIPP accounts in the next 12 months. The research also shows that three-quarters of specialists who believe their SIPP business is going to grow predict it will do so by up to 40 per cent, says the company.

The Discretionary Fund Manager partners already in place are Bordier, Brewin Dolphin, Brooks Macdonald, Brown Shipley, Investec, Nedbank, Quilter Cheviot, Rathbones, SVS Securities, TAM and Tilney.

Stewart Davies, group CEO of Momentum Pensions, said: “Adviser feedback was telling us there is an increasing need for a SIPP that allows flexible, multi-jurisdictional switching. The Momentum SIPP is the first in the UK to offer this, and with our quality Discretionary Fund Manager investment partners we are confident that we have created a fully flexible product that advisers can recommend to their clients, safe in the knowledge they will benefit from a best-in-class investment process.”

Contributions can be paid at any level – within HMRC limits for tax relief – with no contractual minimum contribution. The Momentum SIPP has a set-up fee and annual fee of £250. The setting up of retirement benefits fee is also £250 and the annual income drawdown fee is £100.