Friends Provident, a life and pensions company, has announced that its new generation Group Personal Pension include wider investment flexibility through a self invested personal pension option and increased retirement choices through an income withdrawal option.
The self invested personal pension (SIPP) option can include protected rights and it will give members access to a broad range of stocks, shares and collective investments through execution only stock-broking, fund supermarket and discretionary fund management services provided by carefully selected expert investment partners.
With the new options employers will be able to choose whether to have the option added, which means that all members can be looked after in one Group Personal Pension scheme, avoiding the additional costs of running two separate schemes.
Because there are no extra charges until the member activates the option, those scheme members who invest purely in unitized funds won’t have any additional costs. For those who do take up the option, the charging structure is clear and competitive.
Friends Provident’s income withdrawal administration system is integrated into its corporate pensions platform and was developed in conjunction with a industry expert supplier. The facility, which is also open to protected rights, is available to both new and existing New Generation Group Personal Pension schemes, irrespective of whether they take up the SIPP option.
Jeremy Ward, head of pensions marketing, said: The corporate pensions market is changing rapidly and we have developed these options in response to an increasing demand for investment and retirement flexibility to enhance member control and choice.