AXA Wealth’s family SIPP passes half a billion mark
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.”
*Money Management, June 2012
Becky Holmes, AXA Wealth press office, +44 (0)1256 798310
Nicola Pugh, AXA Wealth press office, +44 (0)1256 852041
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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.
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