LV= low cost SIPP for those who want to keep it simple

LV= is now offering discounted access to its SIPP, the Flexible Transitions Account (FTA), for the rest of 2010.

The discount of up to 0.25% off the standard annual service charge is designed for adviser clients looking for initial access to a simple range of funds, with the flexibility to upgrade easily to LV= FTA's full range of features and benefits as their needs change.

Under the discounted SIPP offer, clients are able to choose from 26 funds across: passive/tracker, actively managed sector funds, and risk-graded multi-asset funds. Opting for this straightforward route at the beginning will not affect the clients' choices later down the line and the discounted fees will apply for as long as the plan is fully invested in the selected range of funds. The full range of FTA investment options and benefit choices remain open at any time with simple conversion to the standard annual service charge structure. These wider product features include accessing a lump sum from the funds without taking income, the ability to start to take benefits at anytime between 55 and 75, and greater access to external funds, platforms and discretionary investment managers.

Ray Chinn, LV= head of pensions, comments: "Many people take out a SIPP, but end up not using all of the features on offer, and paying more in charges than they might need to. Although the discounted FTA options are narrower we feel that the range of funds on offer will cover many people's requirements and we are pleased to able to offer these at lower cost. However, we also acknowledge that people's needs change throughout their working life and as they approach retirement, and we want to give advisers the confidence that the LV= Flexible Transitions Account can adapt quickly to their clients' changing needs."

Requirements of the discount FTA include:

The plan must be started with a single premium or transfer of at least £10,000

Clients choose one or more funds from a specially selected range at outset.

Lump sum or income benefits from their account cannot be taken at outset.

The low cost SIPP is available for applications received by LV= up until 31st December 2010.