View more on these topics

James Hay closes Family Sipp to new business

James Hay has closed its Family Sipp to new business.

The Sipp and SSAS provider insists the decision is not linked to the Government’s reclassification of scheme pension as a defined-benefit.

A James Hay spokesman says: “I can confirm we have closed the James Hay Family Sipp to new business.

“The decision has nothing to do with the scheme pension issue, which I think presents a bigger problem for SSASs than Sipps.

“James Hay spoke to a lot of IFAs and there simply is not demand for the product.”

James Hay has 150 Family Sipp customers altogether. However, the provider says it has only sold 30 Family Sipps this year.

The spokesman says all existing contracts will be honoured.

Axa and Rowanmoor Pensions also currently offer Family Sipp products.

Rowanmoor says it has no plans to close its Family Sipp to new business.

Head of pensions technical services Robert Graves says: “The Family Sipp is never going to be a high volume product but in the right circumstances we think it is a good proposition. We sell on average 120 a year and that has been pretty consistent.”

Axa could not be reached for comment.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com