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AXA launches pooled family SIPP

David Thompson at AXA Winterthur Wealth Management Times have changed and pension planning must reflect that
David Thompson at AXA Winterthur Wealth Management Times have changed and pension planning must reflect that
AXA has launched a self-invested personal pension (SIPP), offering families and business partners a more flexible way to invest together that is also tax efficient. The self-invested personal pension (SIPP) is a pension wrapper that holds investments until you retire and start to draw a pension income.

AXA's Family Suntrust is a pooled SIPP, which meets the growing demand from groups of individuals looking to finance their retirement to match their lifestyle. At the same time, it offers greater investment flexibility and potentially lower fund charges, with the opportunity to minimise inheritance tax.

Members within Family Suntrust can choose from a range of investment options including stocks, shares and collective investments managed by a discretionary fund manager, or through the Premier Invest offshore bond, which in­cludes a range of over 3,500 funds. UK commercial property, other offshore and on­shore bonds, stocks and shares and trustee investment plans are also permitted.

David Thompson at AXA Winterthur Wealth Management, says: “Times have changed and pension planning has to reflect that. This proposition helps groups of individuals plan for retirement with a common investment strategy in their own pooled SIPP.”

The total min­imum initial investment for all mem­bers in a Family Suntrust is £200,000 per scheme, with each individual member (including minors) initial contribution or transfer value being a minimum of £1,000. Annual or single contributions can be paid by the individual or their employer. Individuals can also arrange for transfer payments from other pension schemes.

Mike Fosberry at Smith & Williamson Personal Financial Planning, has piloted the product for six months and likes it. "The appeal also lies in the potential to secure lower charges from fund managers who will deal with one single, joint sum rather than lots of smaller pots of money," says Fosberry.

Lee Smythe of Killik Chartered Financial Planners had this to say: “Pooling of funds enables pension fund owners to access investments that they may not have sufficient funds to take advantage of on their own. Pooling can also reduce investment management costs. AXA is the first big insurer to launch a specific product and it will appeal to families and business partners.”

By Ian Youngman

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