Capita Sip Services and Octopus are launching a joint wealth management product combining the tax benefits of VCTs and Sipps, allowing for 38 per cent on pension contributions.
The product will only be available through IFAs and will use utilise Capita’s enabler infrastructure to capitalise on A-Day changes, permitting a broader range of investments and the opening up of connected party transactions.
Octopus chief executive Simon Rogerson says: “We knew how attractive combining Sipp and VCTs would be and are delighted that we are the first to make it happen. The key for investors is the ability of the Sipp provider to manage the product. Capita is way ahead of their competition and we have created a highly attractive investment.”
Capita Financial Services director of business and commercial development Graham Coxell says: “We have been chosen by Octopus to support this proposition, which further demonstrates Capita’s ability to enable the delivery of quality wealth management products. Indications are that IFA interest is already very significant.”