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HSBC and Standard Life teams up for Sipp launch

HSBC has joined forces with Standard Life to launch a new Sipp proposition designed to enhance the bank’s current pension portfolio and bridge the gap between its stakeholder pension and SSAS/SIPP Practice.

The new Sipp is aimed at small-to-medium sized business owners and directors who want to enjoy the benefits of a Sipp but do not have sufficient assets to take advantage of HSBC’s current bespoke solution.

HSBC’s Sipp provided by Standard Life requires a minimum contribution of £10,000, although HSBS says it is ideally suited to customers who have already built up a fund worth £100,000 or more at retirement. It is available from HSBC’s UK network of commercial financial planning managers, with investment advice backed by HSBC’s global multi-manager team who will recommend selected funds from Standard Life’s range.

HSBC’s head of commercial insurance and investments, Mark Hussein says “The benefits of a Sipp include the ability to invest in commercial property and the breadth of investment and retirement income options available make it ideal for our medium-high net-worth business owners.”

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