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AXA Wealth’s family SIPP passes half a billion mark

29th August 2012
Family Suntrust, AXA Wealth’s family SIPP, has reached a significant milestone as the scheme achieves £500m in new premiums since its launch in 2008. This follows the recent registration of the 600th scheme.

 Family Suntrust offers investment freedom to groups of individuals - families or business partners - enabling them to pool their assets and build a tax-efficient pension fund with one common investment strategy.

Although the family SIPP market is relatively small, the significant and consistent growth of the market-leading Family Suntrust, suggests that advisers are looking for innovative, alternative retirement strategies that complement more traditional options. At £500m the value of AXA Wealth’s new business accounts for a substantial part of the sector as a whole*.

One of the many advantages of a family SIPP, which may account for its popularity for particular groups of individuals, is the ability to take scheme pension. Unlike drawdown, the income is based on an actuarial assessment of suitable income levels, considering factors such as state of health and age as well as likely investment yields. Scheme pension can offer alternative, attractive death benefit planning options, giving additional flexibility of income options for the client.

Andy Zanelli, head of retirement planning, AXA Wealth, said: “There is a niche, but important and growing, market for family SIPPs. AXA Wealth is ideally placed to be able to offer this as part of its proposition; we have the pensions and technical expertise in-house to assist advisers with this complex area, given that it is not a mainstream offering. With GAD rates, gilt yields and annuity rates continuing to fall, advisers are looking for alternative options or combination of solutions so that people can make the most of their retirement.”

ENDS

*Money Management, June 2012

Enquiries

Becky Holmes, AXA Wealth press office, +44 (0)1256 798310

Nicola Pugh, AXA Wealth press office, +44 (0)1256 852041

Editor’s note

Our previous company performance is not a guide to how we will perform in the future. The value of investments can fall as well as rise and is not guaranteed – investors could get back less than they invest.

AXA Wealth

AXA Wealth, Winterthur Way, Basingstoke RG21 6SZ. Telephone number: 01256 470707. As part of our commitment to quality service and security, telephone calls may be recorded.

AXA Wealth includes the following companies: Architas Multi-Manager Limited (No. 06458717), AXA Portfolio Services Limited (No. 01128611), AXA Wealth Services Limited (No. 02238458) and AXA Wealth Limited (No. 01225468). All of these companies are registered in England and limited by shares. Their registered office is 5 Old Broad Street, London EC2N 1AD.

Each company promotes and distributes its own products and is authorised and regulated by the Financial Services Authority. AXA Wealth Services Limited also promotes and distributes the products of AXA Isle of Man Limited and AXA Life Europe Limited in the United Kingdom. Details of the companies offering specific products are shown in the product literature.

AXA

AXA UK is a part of the AXA Group. The AXA Group is a worldwide leader in insurance and asset management, with 163,000 employees serving 101 million clients in 57 countries. In 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS Underlying Earnings to Euro 3.9 billion. AXA had Euro 1,065 billion in assets under management as of December 31, 2011.

In the UK AXA operates through a number of business units including: AXA Wealth; AXA Commercial Lines and Personal Intermediary, AXA Personal Lines, AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin. AXA employs over 12,000 staff in the UK.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD, and is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.

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