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Standard Is set for launch of group Sipp

Standard Life is set to launch a group Sipp platform at the end of the summer, building on its individual offering.

The firm has nailed its col-ours firmly to the Sipp mast for the post-A-Day world and anticipates that the group market will take off in the same way as the individual market.

Hargreaves Lansdown is also looking to offer a group Sipp later in the year.

Investors in the Standard group Sipp will have access to the underlying internal and external funds on its Sigma platform. Although not yet final-ised, the charging structure is expected to be similar to the structure of the individual product, with low flat-rate charges and a transparent structure.

Hargreaves Lansdown head of pension research Tom McPhail says he expects the group Sipp market to take off after A-Day due to the inc-reased investment freedom and growing dissatisfaction with insurance companies’ packaged products.

He says: “Hargreaves is looking at a group Sipp. The market has been small but it could expand quite rapidly. Standard launching into the group Sipp market makes commercial sense but it depends on what the terms are.”

Standard Life senior technical manager John Lawson says: “Group Sipps are something that we are seriously looking at.”


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