Standard Life Assurance has pipped its peers to the post in revealing its intention to accommodate the transfer of protected rights to its SIPP offering.
The expeditious pensions provider asserted that it is the first to publicly announce that its SIPP will be open for protected rights transfers as soon as the legislative changes kick in. On 27 June, Minister for Pensions Reform Mike O'Brien announced that SIPPs will be able to hold protected rights funds from this October. Protected rights are pensions savings accumulated by consumers from the benefits they receive when they contract out of the state additional pension. Standard Life, which is open to applications for this new business from August 18, explained that there are many ben...
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