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.”