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Friends in plans for group Sipp

Friends Provident has confirmed plans to launch a group self-invested personal pension by the end of the year.

It is not publishing details yet but head of pensions marketing Jeremy Ward says all group personal pension members will have access to a Sipp option.

Scottish Life has said it is still unsure whether to launch a group Sipp due to concerns over breaching treating customers fairly principles. It claims some existing schemes violate FSA guidelines by charging all members of a scheme for added flexibility which is only used by a small minority.

Ward says there is no danger of this happening with Friends’ group Sipp.

He says: “Of course, it is not right if people pay for flexibility they do not use but this problem should not arise. With our offering, Sipp charges will only be paid by the people that use it.”

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