Scottish Equitable is extending its post A-day pension range with the launch of a group Sipp from July 24.
The group Sipp is an extension of its group personal pension plan, allowing clients to choose the self-investment function as and when appropriate.
Although Scot Eq believes group Sipp will become more mainstream it says the majority of members wont use the self-investment option. As clients will only pay for self investment if and when they use it the group Sipp will be able to cover the investment needs of all employees under a single contract.
The group Sipp will have the same fund range of 997 funds and 43 fund managers and support tools as its individual Sipp. Regular contributions are built up in the insured fund and can move to the self invested element when the fund reaches £50,000.
Head of group marketing Alison Nelson says: “We believe group Sipp will make self investment more mainstream. It will give members who want it control over their investment decisions while still benefiting from the cost and technology advantages of group pensions. Employers may view it as a cost effective way of providing an attractive perk for senior staff while at the same time giving their other employees access to a good company sponsored scheme.”