The firm’s Sipp is currently only available to advisers already using its platform. There is also a £250,000 minimum fund size. From July, the product will be available to all advisers on the wrap and as a standalone product.
The minimum fund size is set to come down, although Aviva has not confirmed by how much, and other product changes are planned.
Marketing director David Barral says: “Advisers will either be able to use the Sipp on its own as a standalone product or as a product on the wrap.
“We are working on reducing the minimum fund size because we feel £250,000 would restrict us to our very well-off customers. This will be our foray back into the market-place so other product changes are under tight wrap at the minute.
“We knew we had a strong proposition before and clearly we wanted to get the technology into the right place. We are looking at a way of offering customers a choice between a more simplified version or a full-blooded Sipp.”
Richard Jacobs Pensions & Trustee Services managing director Richard Jacobs says: “Aviva has got to have a Sipp but it is way too late as Standard Life firmly has the stranglehold when it comes to insurance firm Sipps.”