Friends Provident has introduced self-investment and income-withdrawal options on its new generation group personal pension.
The Sipp option, which can hold protected rights, will give access to a range of stocks, shares and collective investments through execution-only stockbroking, fund supermarkets and discretionary fund management services provided by investment partners.
Employers will be able to choose whether to add the option which means that all members can be looked after in one group personal pension scheme, avoiding the costs of running two separate schemes.
There are no extra charges until a member activates the option.
Friends’ income withdrawal facility is open to protected rights and is available to new and existing new generation GPP schemes.
Head of pensions marketing Jeremy Ward says: “The corporate pension market is changing rapidly and we have developed these options in response to an increasing demand for investment and retirement flexibility to enhance member control and choice.
“We have one of the most advanced pension administration platforms in the marketplace. The development of Sipp and income withdrawal options that are fully integrated into that system represents a significant investment in our corporate pension offering and demonstrates our continuing commitment to the corporate pension marketplace.”