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Axa scrapping five pension products

Axa Wealth is closing five of its pension products – the stakeholder pension plan, personal pension plan, Sipp, retirement solutions product and trustee investment plan.

Axa will now offer just three pension products – the single pension plan, known as The One from Winterthur, the Elevate pension investment account and the Axa Family Suntrust Sipp.

The One from Winterthur will now offer access to the Axa Distribution Services fund range and multi-manager range as well as the Axa and Architas funds.

Chief executive Mike Kellard says the core range encompasses all the main features of the old range. He says: “We have got too many products that are doing similar things with minor differences between them. Lots of features were duplicated, so what we have tried to do is put it together into one proposition.”

IFAs have until November 27 to request new business quotations and online applications for the five plans due to close and have until December 31 to submit new business applications. The closures will not effect existing investors.

Churchill Investments director Chris Gilchrist says: “Advisers will prefer to move clients into wrap-related pension products as they do not want a proliferation of products with complicated names just to give them access to a wide range of assets.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. AXA fund options to dwindle.
    From experience, when AXA states that this will not affect existing clients I am very sceptical.
    The closure of the plans to new clients will lead to a gradual reduction of fund options on the plans as AXA close them for being too small to be economical. We have already seen this from AXA with their Premier Select Bond.

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