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ScotEq adds group Sipp in move to mainstream

It is an extension of its group personal pension plan, allowing clients to switch to the self-investment function as and when required.

ScotEq believes group Sipps will become more common but it does not expect the majority of members to use the self-investment option.

As clients will only pay for self-investment if and when they use it, the same contract can be offered to all staff in the company, removing the need for a separate director’s Sipp.

The group Sipp will offer the same range of 997 funds from 43 fund managers and support tools as its individual Sipp and self-investment is available to pension pots of over 50,000.

Head of group marketing Alison Nelson says: “Group Sipps will make self-investment more mainstream. Employers may view it as a cost-effective way of providing an attractive perk for senior staff and giving other employees access to a good company-sponsored scheme.”

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