Prudential has launched its new self-invested personal pension option - FundSIPP - with direct access to the UK's independent fund supermarket, Cofunds.

Prudential claims that these funds, with over 1,100 funds to choose from in the Cofunds range, complement its existing insured fund range that includes the multi-asset funds managed by the Prudential’s portfolio management group.

Prudential will continue to offer its full self-invested personal pension (SIPP) option, giving those customers who require a range of investment choice access to the complete range of SIPP investments including commercial property, discretionary asset management, and online share-dealing through stocktrade.

Julie Mulvanny, head of individual pensions at Prudential UK, said: One of the real benefits of Prudential’s SIPP option is that it is available through both the personal pension and income drawdown elements of our Flexible Retirement Plan.

By offering this new more affordable SIPP option, customers simply pay for the investments they need and use – not all of them want access to a full SIPP at the outset. It is possible to move from the FundSIPP to the full SIPP and we will automatically adjust our fees.