Standard Life has revealed it will no longer offer its Executive Personal Pension Plan (Epp) after A-Day.
Following the simplification of pension tax rules, Standard Life believes the role of an Epp, which was subject to occupational tax rules, will be limited, with traditional Epp customers more likely to opt for a self Invested personal pension (Sipp) or Group Sipp.
Epps will only be closed to new customers after A-Day, with those already holding an Epp able to continue paying in contributions as normal.
Standard Life says it has reviewed it pension range to identify which products are likely to be of most appeal to customers and advisers following A-Day. In the individual pensions range it will continue to offer a Sipp, Personal Pension (Flex) and Individual Stakeholder.
And the company says it will retain its current group pension range, which include the small self-administered scheme (Ssas), the Retirement Account Plan, Group Additional Voluntary Contribution scheme (Avc), and the Group Money Purchase Occupation Pensions Scheme.
Abigail Morrison, pensions marketing manager at Standard Life, says the introduction of a single pensions tax regime, along with the removal of benefit and contribution limits means that some types of contract will be of very limited appeal in the future.
She adds: “For that reason we will cease to offer our Epp as we believe customers who would previously have chosen this type of product will prefer the flexibility of a Sipp or Group Sipp.”
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