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Wrap launch will focus on new business

Standard Life will launch a wrap proposition next year built around its existing Sigma and Sipp platforms.

No decision has been made on the branding for the wrap but it will focus on new business, eliminating the problem of migrating legacy pension contracts onto it. It is likely to offer re-registration for mutual funds.

UK life and pensions chief executive Trevor Matthews believes a wrap proposition is a natural extension of the firm’s existing product, platform and service skills.

Matthews’ experience of the Australian and North American market underpins his support for a wrap but he stresses that the UK market is far more complex, with a greater breadth of products.

One potential means of getting round the problem of legacy business, although not perfect, is to allow valuations for pre-existing policies such as with-profits to be manually inputted.

Matthews says Standard, with its Sigma investment platform, Sipp and stakeholder and its imminent return to the protection market, will provide wide product coverage. The company is also working with third parties on the technology behind the wrap.

Matthews says: “The wrap plans for next year are advancing but we do not have a firm launch date yet. The focus will be on new business but it will almost certainly have re-registration capability.”

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