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Axa bringing Sipp admin in house as it revamps plan

Axa is the latest insurer to bring Sipp administration in house ahead of relaunching its offering next June.

The French-owned insurer currently outsources Sipp admin to Capita Sipp Services. Capita will continue to administer the existing Sipp book while Axa takes over responsibility for new business.

The move follows recent decisions by Norwich Union and Standard Life to drop Sipp administrator James Hay in favour of an in-house approach.

Axa says it plans to enable investors to hold residential property within their Sipps from around the middle of the year. The charging structure of the revamped product and the relationships Axa is looking to build with property management companies will be announced closer to launch.

Head of pensions and savings policy Steve Folkard says: “With the new investment options available from April, together with the introduction of the simplified tax regime, the time is right for bringing all self-investment options in house. Our decision to provide in house for our new Sipp has been based on Axa strategy to manage the entire relationship with our clients and their advisers in a consistent manner across all product wrappers.”

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