Aberdeen has launched a new and enhanced SIPP and free Junior SIPP.
The SIPP features Aberdeen’s automated drawdown price lock, available across all its flexible income solutions, including flexi-access, capped and tailored drawdown.
It also offers family linking to support intergenerational planning, meaning charges are reduced across SIPPs, ISAs and the new Junior SIPP for family members.
In addition, Aberdeen said the new Junior SIPP has no platform charges until age 18.
Noel Butwell, chief executive officer at Aberdeen Adviser, said: “In a rapidly growing market advisers need the best tools and features to deliver for their clients. Our new SIPP has been built with care, to deliver what we think is a genuinely best-in-class product, with user experience and flexible, tailored solutions front and centre. We have listened to what advisers want, and drawn on our innovative roots, to create a market-leading SIPP.”
Aberdeen said the drawdown price lock means that once a client enters drawdown they can lock the annual platform charge based on their total platform-eligible assets at that moment, so even if their portfolio declines the charge won’t automatically revert to a higher tier. The drawdown lock is also automatically reviewed on a monthly basis and could be re-set to secure clients a new better rate if their portfolio increases.
Verona Kenny, chief distribution officer at Aberdeen Adviser, said: “This SIPP is the ultimate intergenerational financial planning tool that allows families to grow, enjoy and pass on wealth in a tax efficient manner in a rapidly evolving pension landscape.
“Having the right SIPP can make a tangible difference to client outcomes in retirement. Our absolute focus has been to build a product that advisers tell us will deliver this positive difference both today and tomorrow. The Aberdeen SIPP launch marks an important milestone for Aberdeen but it’s not about hype – it’s about giving advisers and their clients more of what matters, and we believe this SIPP has been worth waiting for.”
The Aberdeen SIPP is available on the Aberdeen Wrap platform. It will be available to new policies first, with existing policies moving over next year.
The new Junior SIPP will be available to all new and existing Wrap clients at launch.
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