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Daily Insurance Industry News
Thursday 18th of October 2018
October 1, 2008

Standard Life appointed HSBC Group SIPP provider

by Gill Montia

Story link: Standard Life appointed HSBC Group SIPP provider

Standard Life appointed HSBC Group SIPP provider

Standard Life has been appointed by HSBC to provide a Group self-investment personal pension (SIPP) plan for employees who want to transfer maturing HSBC Share Reward Plans into a pension.

The new Group SIPP complements HSBC’s existing defined benefit and defined contribution schemes and is available to all participants in UK HSBC share plans.

The group’s Sharesave Scheme provides employees with an opportunity to save up to £250 per month to buy shares in HSBC at 20% below market value.

According to Standard Life senior business development manager, Andy Dickson, Group SIPP arrangements are increasingly popular and have become a mainstream pension arrangement in a very short space of time.

They now make up one in four of the pension plans sold by the company.

In the case of the HSBC arrangement, Standard Life has developed a bespoke unitised single company share tracker fund which is invested solely in HSBC stock.

Employees who buy or sell units in the fund do not have to pay individual dealing costs and will also enjoy tax advantages.

 

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