Suffolk Life has launched a trust based Sipp product which will allow customers to self-invest protected rights money.
The existing Sipp will be closed to new business from November but customers will be able to remain in the Suffolk Life Deed Poll scheme if they wish.
However, they will have the option to transfer into the new Sipp which will be available in late October and which allows a wider investment choice for ordinary pensions benefits, as well as the option of self-investing protected rights.
Speaking at the launch of the MasterSipp, Suffolk Life chief executive Henry Catchpole says he expects the Sipp market to grow from its current £40bn up to £500bn and says this presents a real opportunity for advisers and providers.
Estimates value the protected rights market at around £100bn with most of this money invested in insurance company funds but there are very few Sipp providers offering a self-investment option for this market.
Director of sales and marketing John Moret says: “The Suffolk Life MasterSipp is an intelligent product which has been developed to offer maximum benefits and flexibility to all investors. It caters for a wide range of investments including self-investment of protected rights.
“The new Suffolk Life MasterSipp has been developed specifically to address a growing need in the market and is a product that few companies offer and provides a real advantage for advisers.”