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ScotLife will target HNWs with late entry into Sipps

Scottish Life is set to launch a Sipp by next April, which it believes will be a core product for its favoured high-networth market.

Ahead of A-Day, ScotLife is also looking to add drawdown facilities to its section 32 contracts and other occupational schemes to protect existing business.

Head of individual pensions Andy Taylor says that, as the Government has yet to clarify all the Sipp regulations ahead of simplification, the firm does not believe that entering the market later than some rivals will be an issue.

Other providers such as Standard Life have been banging the Sipp drum for several months to attract business.

Taylor says ScotLife is working on the details of the product’s charging structure, whether admin will be in-house or outsourced and external fund links.

He says the Sipp will have a clean charging structure, with investors only paying for add-ons they use such as external funds.

The firm’s existing funds platform, which houses over 50 funds, including more than 20 external portfolios, is expec-ted to form the core of the investment offering.

Taylor says: “We will have Sipp functionality in place by A-Day. Sipps will be the main choice for high-net-worth individuals and is a core market we want to be in.

“We want to make sure the offering is right and there is no point rushing it out because the rules could change again in two to three months. The details are not all there and the deadline is ticking.”

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