Friends Provident has enhanced its corporate pensions offering by adding SIPP and income withdrawal options to its New Generation Group Personal Pension.
The SIPP option, which can include protected rights, will give members a range of stocks, shares and collective investments through execution only stock-broking, fund supermarket and discretionary fund management services provided by investment partners.
Employers have the choice to add the option, which would enable all members to be looked after in one Group Personal Pension scheme, avoiding the additional costs of running two schemes, according to Friends Provident.
There is no minimum holding required in unitised funds in the integrated offering. As there are no extra charges until the member activates the option, scheme members investing purely in unitised funds will avoid additional costs.
Friends Provident’s income withdrawal administration system has also been integrated into its corporate pensions platform. The facility is open to new and existing New Generation Group Personal Pension schemes, irrespective of whether they take up the SIPP option, says the firm.
Jeremy Ward, head of pensions marketing, says the corporate pensions market is changing fast and the options respond to calls for flexibility enabling greater member control and choice.
“We are committed to providing a high quality service, so we have recruited specialist in-house administration teams to provide a dedicated administration service for SIPP and income withdrawal. This ensures that we retain full control of the service that the adviser, the employer and the member receives.”
Advisers should contact their Friends Provident consultant for more information, or visit: www.friendsprovident.co.uk/adviser.IFAonline
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