A revamp of the Talbot and Muir Sipp has been announced this morning.

This will replace the existing product range that includes Elite Retirement Account (ERA) and Simple Retirement Account (SRA).

The firm said it will have no set-up fees for online applications, with clients only paying for the modules that they use.

Graham Muir, Director of Talbot and Muir, said: “The pension market is changing beyond recognition. To ensure that we are providing advisers and their clients with the facilities that they need, we have developed the new product.

“This has been done in conjunction with advisers, and creates a Sipp product for life. When a client’s circumstances change, they won’t have to move to a different product or provider, saving both time and money for advisers and their clients.”

Claire Trott, Director, Head of Pensions Technical, said: “A complete bugbear for advisers is having to move pensions for clients as well as the cross-subsidy of fees which occurs in some “all encompassing” products.

“It creates additional administration for everyone when clients have to switch products to access additional services, not to mention the cost.”

The tiered pricing system means clients only pay for what they use, avoiding any cross-subsidy and making the fees clear and easy to understand, she said, adding flexibility with a wide choice of investments available.

She added: “You can work with any partner or platform that meets our due diligence requirements, and it removes the hassle of having to switch from one Sipp provider to another if a client’s investment requirements change. Feedback on the product has been really good so far, and we look forward to rolling this out.”