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Axa Sun Life boosts drawdown options with addition of Sipp

Axa Sun Life is adding a self-invested personal pension option to its Retirement Solutions range of income drawdown and transfer plans.

The new product will be aimed predominantly at the income drawdown and transfer market but can also accept single-contribution business.

Axa says although it has previously offered external fund links within Retirement Solutions, its new Sipp option recognises increasing demand from sophisticated investors.

It says the move also responds to recent changes in regulations by the Inland Revenue which allow income drawdown policyholders to transfer providers for the first time.

Axa expects the knock-on effect of this new freedom will be more policyholders looking to transfer to a Sipp option.

The product does not have an insured Sipp element as there is no requirement to hold a proportion of the fund in Axa investment funds. The establishment and annual fees are waived on schemes investing £200,000 or more in the Axa Sun Life trustee investment plan.

Head of pensions Steve Burgess says: “With annuity rates at historically low levels, income drawdown is set to remain a growth area. As one of the top providers in the market, we are continually developing our proposition to meet our customers&#39 needs. Naturally, we want to encourage investment in Axa funds through the Sipp option.”

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