Standard Life to provide Group SIPP for HSBC

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Standard Life to provide Group SIPP for HSBC

Tue 30th Sep 2008

HSBC has signed up Standard Life to provide its Group self-invested personal pension (SIPP).

The Group SIPP, available to all members of UK HSBC share plans, will give employees a way to transfer shares held in the plan to the Group SIPP while enjoying income tax relief.

It will exist alongside the HSBC defined benefit and defined contribution pension schemes.

Andy Dickson, senior business development manager at Standard Life, said group SIPPs have gone from niche to mainstream "in a very short space of time".

John Beadle, head of group performance and reward at HSBC, added that the new initiative would give "additional advantages for employees through UK tax relief".

HSBC's employee benefits arm, HSBC Actuaries and Consultants Ltd, is implementing the Group SIPP.

Meanwhile, the Financial Services Authority (FSA) has expressed its expectation that companies will provide proper advice about transfers into SIPPs.

When people become able to contract out of the state second pension and into a SIPP next month, the FSA wants firms to ensure proper information is given so that consumers can make decisions that are in their best interests.