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Suffolk Life may move into middle market

Suffolk Life is considering launching a cheaper version of its self-invested personal pension to compete with firms such as Standard Life and Sipp Centre.

The firm, which was bought by Legal & General last year, is an established Sipp specialist but believes there are opportunities to expand into the growing middle market.

Sales and marketing director John Moret says: “We have a strong position in the bespoke end of the Sipp market but the main growth now and probably in the future is likely to come from the middle ground so it makes sense for us to look at the opportunities there.”

He believes Suffolk’s IT platform is scalable and adds that the product would be priced in line with personal pensions.

Moret adds: “The growth of this middle space reflects a shift from the traditional personal pension into Sipps, mainly using collectives and platforms. I think it is that type of proposition which will look increasingly attractive. We are not moving away from where we built our reputation, this is more about whether we can supplement what we have got already.”

Legal & General chief executive Tim Breedon said last week the firm plans to drive ahead in the Sipp market, primarily because it is less capital-intensive than other product lines.

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