AJ Bell has announced the launch of a new Retirement Investment Account (RIA), a low-cost pension with a streamlined investment proposition.

The investment platform suggested the RIA has been designed for advised clients with pension portfolios of £250,000 or less.

The RIA will join AJ Bell’s existing Self Invested Personal Pension (SIPP) on the firm’s Investcentre platform for financial advisers, and has a different pricing structure and investment range.

AJ Bell revealed its new account will have an all-in cost of 0.25% per annum for assets up to £500,000, and 0.20% per annum on assets over £500,000. There will be no other fees for setup, administration, dealing or drawdown.

Furthermore, the RIA will include all the major areas of functionality of the AJ Bell Investcentre platform – such as tools to help advisers with investment analysis, bulk dealing, regular investments, cash management and capital gains reporting.

AJ Bell chief executive, Andy Bell, commented: “Regulations have made it clearer than ever to advisers that they need to be recommending products that are demonstrably suitable for client needs. Launching the RIA alongside our existing SIPP provides advisers with real strength in depth as they seek to meet that challenge.

“The RIA provides a combination of simple, low-cost charges, whilst not losing any of the functionality of the platform and still offering a very wide range of investment options.

“The RIA’s all-in pricing structure is very competitive compared to other similar products, and we believe it could be ideal for advisers looking to use our Funds & Shares Service, Managed Portfolio Service or multi-asset funds as a simple, packaged solution for clients with pension portfolios of £250,000 or less.”

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