In a bid to enhance its current pension portfolio, international banking firm HSBC has collaborated with UK insurance and protections provider Standard Life to launch a new SIPP aimed specifically at small to medium enterprise owners and directors.

The new SIPP will allow owners of small to medium sized businesses (SME) who do not have sufficient assets to take advantage of HSBC’s current solution, to enjoy the benefits of a SIPP.

Ian Martin, head of pensions and retirement income at HSBC, said: In an age of increasing longevity and a decreasing state pension HSBC’s SIPP provided by Standard Life is further proof of our commitment to ensuring customers are financially prepared for their retirement by providing them with a holistic pension service.

The SIPP provided by Standard Life requires a minimum contribution of GBP10,000 but is ideally suited to customers who have a fund worth GBP100,000 or more at retirement.

HSBC’s head of commercial insurance and investments, Mark Hussein, said: The benefits of a SIPP include the ability to invest in commercial property and the breadth of investment and retirement income options available make it ideal for our medium-high net-worth business owners.