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Aviva adding standalone Sipp

Aviva is launching a standalone Sipp in the summer, coinciding with the relaunch of its wrap to new business.

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.”

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