HSBC enhances pension portfolio with new SIPP

HSBC has joined forces with Standard Life to launch a new SIPP proposition designed to enhance the bank’s current pension portfolio and bridge the gap between its stakeholder pension (SHP) and SSAS/SIPP Practice.

The new SIPP is aimed at small-to-medium sized business (SME) owners and directors who want to enjoy the benefits of a SIPP but do not have sufficient assets to take advantage of HSBC’s current bespoke solution.

Ian Martin, head of pensions and retirement income at HSBC said: “In an age of increasing longevity and a decreasing state pension HSBC’s SIPP provided by Standard Life is further proof of our commitment to ensuring customers are financially prepared for their retirement by providing them with a holistic pension service.”

HSBC’s SIPP provided by Standard Liferequires a minimum contribution of only £10,000, although it is ideally suited to customers who have already built up a fund worth £100,000 or more at retirement. It is available from HSBC’s UK network of commercial financial planning managers (CFPMs), with investment advice backed by HSBC’s global multi-manager team who will recommend selected funds from Standard Life’s range.

HSBC’s head of commercial insurance and investments, Mark Hussein said: “Introducing HSBC’s SIPP provided by Standard Life to our portfolio of investment and insurance solutions is a win-win situation for our commercial customers. The benefits of a SIPP include the ability to invest in commercial property and the breadth of investment and retirement income options available make it ideal for our medium-high net-worth business owners.”

Mark continued: “We can now offer our customers a comprehensive range of solutions to match both their business and individual retirement needs through HSBC’s dedicated team of commercial financial planning managers.”

For further information on HSBC’s SIPP proposition, customers should ask at their local branch or call their commercial financial planning manager.