Aegon has launched a new junior Self-Invested Personal Pension (SIPP) to help advisers with intergenerational wealth planning.
The solution is offered with no platform charges until the child turns 18.
Aegon said changes in the Autumn Budget which include bringing unused pensions under the scope of inheritance tax and the continuing freeze of the IHT nil rate at £325,000 until 2030, highlights the growing need for strategic planning in generational wealth transfer.
The Junior SIPP offers the potential for 20% tax relief on a total contribution of up to £2,880 in the tax year, with the benefit of long-term investment growth.
Stephen Crosbie, managing director – adviser platform at Aegon, said the new product demonstrates its commitment to delivering “value-driven solutions” for advisers.
He said: “With upcoming inheritance tax implications for pensions, it’s vital to equip advisers with effective planning tools. This product is crafted to aid advisers in assisting their clients successfully navigate wealth transfer across generations.
“By further enhancing our investment offerings, we are empowering advisers to offer varied choices that align with their clients’ evolving needs. We are dedicated to providing advisers with comprehensive frameworks to navigate complexities, helping them to achieve optimal financial outcomes for their clients.”
Main image: jr-korpa-9XngoIpxcEo-unsplash
