SIPP launched by Scottish Widows

A programme of enhanced workplace savings, including a SIPP, has been launched by Scottish Widows. The company says the new range will enable it to compete for “the very largest schemes, as well as enabling intermediaries to build bespoke client investments or offer ready-made solutions for a wide range of scheme sizes.”The announcement followed the first phase of the transfer of Zurich’s UK workplace pensions and savings business, Zurich Corporate Savings, to Scottish Widows. The new range includes:· Master Trust, which offers large employers good governance and oversight while minimising their overheads· Group Self Invested Personal Pension, which provides a personal pension plan with added employee investment capability. It also helps advisers design bespoke solutions using flexible investment options· General Investment Account, to provide access to a range of investment options· Stocks and Shares ISA, for employees wanting to maximise their tax-free savings through the workplace· Occupational Money Purchase, to offer pensions underwritten in trust· Investment Only Solutions, aimed at trustees of unbundled arrangements to invest large pension funds in a tax-efficient way · Workplace pensions and savings platform with leading functionalityJackie Leiper, Scottish Widows distribution director, said: “Our goal is to create the market-leading UK retirement savings business. “Today’s launch is an important step in that journey and supports intermediaries with products to meet a wide range of workplace client needs, from bespoke investments to ready-made solutions. "It also broadens our appeal for large employers, enabling us to offer solutions for even the biggest schemes in the market. “The integration of Zurich’s workplace business gives us a proposition, platform and team of experts to allow us to hit the ground running.”Andy Seed, Scottish Widows head of partnerships (formerly Head of Distribution, Zurich Corporate Savings), said: "We are excited to have joined Scottish Widows. “Our deep knowledge and expertise in the large and complex workplace savings arena, coupled with the ambition and drive of the group, will move the business forward at pace and deliver market-leading products to our customers.”Scottish Widows announced the acquisition of Zurich Corporate Savings in October 2017. Around 200 Zurich employees have transferred to Scottish Widows via a TUPE arrangement.

SIPP launched by Scottish Widows

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