Aberdeen Wrap launches new SIPP and Junior SIPP

Aberdeen, provider of the UK’s second largest adviser platform by assets, today announces the launch of a new and significantly enhanced Self-Invested Personal Pension (SIPP), and free Junior SIPP.

The SIPP and Junior SIPP brings flexibility, intergenerational financial planning and enhanced user experience.

Clients can grow, enjoy, and pass on wealth tax-efficiently in a rapidly evolving pension landscape. The Junior SIPP plugs a much-needed gap in the market because there are few tailored industry options.

Stand out features
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Noel Butwell, Chief Executive Officer, Aberdeen Adviser said: “In a rapidly growing market projected to increase by £100 billion* in the next five years, 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.”

Locking in value, enhanced product range

The drawdown price lock offered by Aberdeen means that once a client enters drawdown they can lock the annual platform charge based on their total platform-eligible assets (PEAs) at that moment, so even if their pot subsequently declines (because of withdrawals or market falls) the charge won’t automatically revert to a higher tier. And because the drawdown lock is automatically reviewed on a monthly basis, if the client’s portfolio increases, the lock will be re-set to secure them the new better rate. (See notes to editors for example). 

Advisers and their clients will also benefit from faster client payments, consolidated online reporting and notifications, and access to one of the most comprehensive investment ranges in the market, which has been improved. That enhanced product range means that listed equities, including investment trusts, are no longer off platform, having been brought fully into the fold. This means they can be held with the same convenience as any other product (securities trading costs will continue to apply).

Cutting time, cutting bureaucracy

Built in response to adviser feedback, the on-platform SIPP will help advisers free up more time to focus on what clients value from their advisers. All journeys are fully digital across new business, drawdown and client charges, cutting processing times and improving accuracy along the way. 

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.

Verona Kenny, Chief Distribution Officer, 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.”

Mark Polson, Chief Executive and co-founder, at the lang cat added: 

"It's been a long time coming, but Aberdeen Wrap finally has its own, native, fully integrated SIPP. I think advisers will find everything they need here. There are some nice additional touches too - like the junior SIPP which is free till age 18, online expression of wish, and properly integrated illustrations. It also has the drawdown price lock, which remains a genuinely good idea that doesn't get talked about enough."

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