1/10/2009

By Sophie Baker

Gaudi, a new pension administration service, has entered the Self-Invested Personal Pension (SIPP) arena with a product aimed at pulling in the ‘Facebook’ generation.

The third-party SIPP administrator provides fully-online, white labelled SIPPs to independent financial advisers (IFAs), product providers, investment houses and other distributors. It offers a low cost solution to clients and is the first online SIPP to eliminate manual data-re-entry, using web 2.0 technology used in online communities such as Facebook and Wikipedia. It employs straight-through processing, and Gaudi provides SIPPs ranging from the simple to the most complex structures.

Clifton Melvin, chief executive at Gaudi Ltd, told Pensions Age that the technology makes Gaudi a “collaborative” effort, and said an online SIPP for the IFA Informed Choice, is pending.

“Until today SIPPs, even those purporting to offer online capability, have been hampered by expensive, inefficient legacy IT systems, restrictive investment options and clunky paper-based administration. With the launch of Gaudi we are creating a new dawn for SIPPs with streamlined online administration, complete investment flexibility and a low cost online capability for intermediaries and providers. Anyone used to the slick collaborative online working capability of Facebook and Wikipedia will feel completely at home with the Gaudi system.

“We are delighted to announce that we have already secured our first client and will be providing the administration system behind the soon to be launched SIPP from award-winning IFA, Informed Choice Ltd. They have recognised that our system will enable them to provide their SIPP clients with greater administrative efficiency and flexibility at a highly competitive cost.”

The Gaudi system will be headed up by former chief executive of Winterthur Life, Melvin and claims to be competitively priced.

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