Friends Provident hopes to increase its group SIPP members by up to 50,000 by relaxing its eligibility criteria.
It has cut the minimum fund value for entry to its group SIPP from £100,000 to £50,000.
Dan Hawkins, SIPP product manager at Friends, says the move is part of his firm’s attempts to widen access to wealth management tools in the corporate space.
Friends Provident current offer a group SIPP option to pension fund members who reach its eligibility criteria.
By halving the minimum fund value, Friends says an extra 50,000 of its 700,000 pension fund members will now have access to SIPP functionality.
Hawkins says: “We’ve designed the group SIPP to sit alongside our GPP offering, meaning only those customers who want SIPP options will be charged for them.”
“Group SIPP is very much the first step towards providing full wealth management services in the workplace, and we’re currently exploring how we might expand on this through a corporate platform.”
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