Standard Life has launched a group Sipp designed to allow employees greater investment choice and control over their pension assets.
The Standard Life group Sipp will allow employers to give all of their employees access to the benefits of an individual Sipp. The new product allows employees to only pay for what they use and choose an option to suit their budget. If an employee is still building their retirement savings and only wants access to traditional pension funds, they can select from the insured funds in Standard Lifes sigma range. Many of these funds have a charge of one per cent, well below the current stakeholder charge cap.
If an employee has a more substantial fund and is interested in other types of investment, they can have access to these through Standard Lifes Sipp platform. Specific charges will apply depending on the investment required.