UK - Jupiter is set to offer group discounts on self-investment pension plans.
The move is aimed at financially astute members of defined contribution schemes who are being increasingly targeted by SIPP providers.
Jupiter Unit Trust Managers plans to launch its “group SIPP” next year in response to the growing number of companies which are setting up new DC schemes.
Unitised pensions development director Colin Maloney said: “The new DC choice might be a stakeholder for general employees on lower salaries, and a group SIPP for higher paid senior staff who want more investment choice.”
He said the annual administration charge for most SIPPs meant that many people could not afford them.
But if a group of individuals from the same company signed up, Jupiter would be able to scale down its charges accordingly.
Earlier this year, Pointon York SIPP Solutions set up what it claimed to be the first “group SIPP”.
It uses the same software and administration systems as a group personal pension plan, enabling employees to download fund details from the payroll department and to make regular monthly contributions through their employers.
Pointon York director Mike Wilson said: “If you have a group of employees which are fairly financially astute, it offers them a step up from a group personal pension, letting them give vent to their own thoughts about investment.”
Wilson added that Pointon York’s group SIPP offer was not subject to the same level of fees as its ordinary SIPPs because it was cheaper to offer in bulk.
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