This deferred Sipp was designed to meet clients’ changing needs within a single plan, enabling them to opt for investment in insured funds only, full self-investment or a combination of the two, so they pay only for the features they use. The insured funds option is limited relative to the full self-investment option, but costs less than full self-investment, which also includes commercial property purchase.
However, the enhancements to the plan also mean the investment choice under the insured funds option has been widened to provide access to a range of Axa funds, including those from Axa Investment Managers, selected funds from Axa Framlington, Axa Rosenburg and the Architas range of multi-manager and multi-asset passive funds.
At launch, the Sipp provided advisers with flexible adviser remuneration,a customer agreed remuneration option designed wih the Retail Distribution Review proposals in mind. Axa Winterthur has now added an initial commission option to the plan, giving advisers greater choice in how they are paid and helping them adapt to the proposed requirements of the RDR.
Finally, an online quote system has been introduced, allowing pre-sales quotes to be saved and edited online. Advisers can also use the website for client management services such as online trading, fund switching, creating investment strategies and accessing fund values.
The enhancements made to this product may keep the competition at bay, as well as supporting IFAs in the run-up to the RDR. However, advisers should note that initial commission is not available where clients upgrade to full self-investment from the insured funds option.