Clerical Medical has confirmed it will be offering a self-invested personal pension (sipp) after A-Day in partnership with Suffolk Life.
Entitled the self-invested fund, it will be available through a Clerical Medical individual pension and will allow an extensive range of assets.
The work will be split with Clerical Medical carrying out the administration of the pension, while Suffolk Life will carry out the investment administration of the self-invested assets.
Essentially, the sipp will be the same as a normal Clerical Medical personal pension, with the ability to invest in the company’s insured funds, but if a person wishes to self-invest they can access the option through a fund link.
Kevin Neal, senior marketing executive at Clerical Medical, says in this way rather than passing the whole pension over to Suffolk Life, it is just giving them the investment administration of that one pool of assets.
He says: “Clerical Medical will still do all the administration of the pension wrapper, and the investment of the insured funds. It will also be the primary contact point for clients and advisers, it’s just we will be using Suffolk Life’s services for that one particular area.”
The company says it did look at the possibility of launching a sipp on their own, but decided it was a specialised area which needed specialist skills, and it chose Suffolk Life as it is considered to be not only is it a leading player in the market but also has high levels of technical knowledge and servicing.
Clerical Medical says more technical details will follow on the exact investment possibilities of the product, but adds the self-invested aspect will include a fairly wide range of assets, such as fund supermarkets, commercial property and a series of other normal sipp investments.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement