Previously, the group Sipp could only be set up on an adviser trade basis, which meant if a member wanted to use the self-invested element, they would need to get advice from the IFA related to the scheme.
Responding to some advisers’ concerns that this did not fit their business models, Aegon has introduced a more flexible model with the member trade option.
The insured part of the group Sipp will still be sold on an advised basis and can be done so on clean terms, as well as full or partially given up commission.
Head of group marketing Alison Nelson says: “We wanted to respond to some of our bigger distributors’ feedback that a member trade option would enable them to run their plans more efficiently.
“Aegon believes the majority of group Sipp business will be written as member trade, although if an adviser wants to advise members on self-investment, this type of scheme can also be accommodated.”
Informed Choice director Martin Bamford says: “In some circumstances, this could introduce more risk but there are some very well informed consumers out there.
“People who own their own pension should be able to do what they like and we should not always assume they need an adviser.”