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Daily Insurance Industry News
Thursday 21st of June 2018
February 14, 2011

Standard Life SIPP clients offered gold bullion option

by Gill Montia

Story link: Standard Life SIPP clients offered gold bullion option

Standard Life SIPP clients offered gold bullion option

Standard Life has partnered with GoldMoney to allow its SIPP clients to invest in gold.

Under the agreement, new and existing clients of the Standard Life SIPP will be given online access to Goldmoney’s website 24 hours a day, seven days a week.

They will be able to buy or sell a total of 2,000 grams of gold bullion in one business day, at a spot price based on trading prices from the London Bullion Market Association marker market.

Purchases will be held by GoldMoney in a secure vault, in London.

Standard Life’s head of pensions accumulation, Alistair Hardie, comments: “Advisers and clients have asked us to introduce gold bullion as part of our specialist SIPP proposition.”

He adds: “GoldMoney is a well established company … it also has the levels of security and integrity that Standard Life requires in a partner.”

Preferential fees have been agreed for both the purchase and storage of the gold: purchase fees range from 1.92% for small purchases to 1.04% for purchases in excess of £600,000, and storage fees are charged at 0.15% per annum.

Last week, Standard Life announced that it is repositioning its brand and has plans to launch several new propositions during 2011.

 

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