Why Standard Life for SIPP? For adviser use only

Transcription

1 Why Standard Life for SIPP? For adviser use only

2 Why Standard Life for SIPP? When considering which Self Invested Personal Pension provider to choose, there are different factors to think about. It s an important decision and you want to make the right choice for your clients. Some questions to consider are: What is important to your clients? Flexibility? Investment choice? A company with financial strength? What is the service and support that they offer? Any awards won for service? Does the provider support your business model? Offer the latest products/technology? Investing in developments? Committed to developing your business? Committed to the UK market? We offer a SIPP as a standalone retail product and a Wrap SIPP as part of our Wrap platform proposition. While the underlying product benefits and features are the same, each supports your client proposition in different ways for example, Wrap enables multi-product portfolio management and investment, including portfolio-level rebalancing and reporting to better support a more holistic wealth management advice service. Why Standard Life as a provider? We re consistently profitable with nearly 200 years experience, so you can relax in the knowledge that your clients money is with a well-established and well-respected organisation. We re a trusted award-winning brand so your clients investments are in safe hands. Around 4.5 million customers already trust us with their money. We re financially strong. Using this financial strength, we continually re-invest in our business to provide clients with the latest in product and technological improvements making it easy for you to meet their financial needs. For example, we ve invested significantly in our market-leading drawdown proposition so that you can be flexible with the propositions you offer clients. We administer 328 billion. And Standard Life plc is listed on the London Stock Exchange with around 1.2 million individual shareholders across over 50 countries. Our Group operating profit before tax is 341m. As at June In the UK we remain committed to the adviser market. We want your business to grow, so our strategies support independent financial advice through our products, services and platforms, and our aim is to continue to invest and grow this market particularly post pension freedoms. We want to keep you ahead of the competition. Our market-leading propositions are constantly evolving so that we are all ahead of the market. We can offer your clients what they need to make the most of their money, whatever life stage they re at. 2

3 As you know, your clients have different views on investments; different risk tolerances; some track their investments and want active discussions; others just want you to manage it for them. Whatever their preference, your clients will have the choice of a wide range of investment solutions, helping to meet their exact needs. We offer a range of investment options. Through this variety of choice, you can tailor your investment propositions to meet the needs of different client goals. We re a sustainable and competitive business. We recognise that it is important that the value of our company grows for our customers, employees and shareholders. Being sustainable means being here for the long term and giving your clients confidence. Why a Standard Life SIPP? Our market leading products and propositions provide a range of options to suit most client requirements, making it easy and flexible for you. This means, whatever your client is looking for during their different life stages pre and post retirement you can strive to meet their needs. We continually re-invest in our adviser propositions to ensure you and your clients receive the latest in product and technological improvements so you can make the most of your clients investments. For example, in 2016 we launched Tailored Drawdown which maximises flexibility in drawing pension income from tax-free and taxable pots within a SIPP. This aims to let you deliver the most appropriate outcome for your clients, personalised to their specific tax and income needs. Our continued focus and investment into building scalable solutions is designed to help you make the most of the opportunities the new pension freedoms have created. Our support on building a Centralised Investment Proposition (CIP) that suits your business objectives whilst aligning with client outcomes is an example of how we do this. This helps you to meet the ever-changing needs of your clients. We aim to take a progressive approach to managing regulatory change, so you can be sure your clients will always have access to compliant, future-proofed solutions. We have a mandatory Portfolio IT and Change Programme to support known and anticipated changes in product rules. We support the development and implementation of regulatory change in the industry by working directly with the FCA, DWP and Treasury, as well as through industry bodies. We also aim to meet the changing needs of customers looking to save for their future. We offer a cradle-to-grave service so the product is for life and is flexible to meet their needs, whatever stage they re at in their retirement journey. Why our SIPP proposition? Fully flexible product suitable throughout your client s lifetime: from accumulation and during retirement: can be used for saving, consolidation or spending and gifting phases. Product features can be tailored to suit client needs now and in the future: from simple through to complex. This flexibility will make it easy for you to meet client needs and adapt throughout their life stages. Comprehensive range of investment options allow you to tailor for client specific needs. This includes insured, mutual and exchange-traded funds, stocks and shares, bonds, commercial property and Discretionary Fund Managers. Through this wide range of options, you can offer the investment choices your client base will be looking for. As one of the UK's largest platforms, we can negotiate pricing deals with fund groups, potentially giving your clients access to one of the lowest priced range of funds available. Charging structure rewards higher value investments and differentiates so that clients only pay for what they use. This can keep costs down for your clients and help demonstrate the value that you can add. Comprehensive adviser charging options ensure tax-efficiency for your clients. We facilitate initial, ongoing ( or %) and ad-hoc adviser charging to fit your business model. 3

4 Wrap SIPP also offers: Integration with your own systems, where possible, allows our platforms to work seamlessly with your processes saving you time which can be spent with clients. Customisable reporting is available at client and firm/adviser level, allowing you access to the information you need, when you need it, at the touch of a button. Through our Investment Hub, you can access 74 Discretionary Fund Managers to manage investments whilst retaining full client reporting and servicing on-platform. This gives even wider investment choice and makes it easy for you to help clients achieve their financial goals. Our award-winning SIPP proposition makes it easy for you to run your business, leaving you with more time to focus on offering a valued service to your clients. What are the retirement/death benefit options? Our SIPP solutions are designed to be flexible, allowing your clients to easily access their money how, and when they want, from age 55. Retirement income can be paid on any day of the week on a monthly, quarterly, half-yearly or yearly basis. Flexible dates for regular payments (1st 28th monthly). This means there will be a payment date that will suit all your clients. Your clients can take ad-hoc payments and tax-free lump sums at any time. We ll normally make the payment within 5 days so they can access their money quickly. Pre-funded withdrawals allow quick and reliable access to pension income and less of a headache for you and your clients. Full flexibility available on income, which can be easily altered at no additional charge. Providing your clients with all this flexibility will mean that you ll be able to offer them exactly what they need when they need it. CHAPs payment options available reaching accounts within 24 hours so your clients have quick access to their money. Comprehensive death benefit options supporting effective estate planning. Online nomination allows you to quickly react to changing client circumstances, making sure the right beneficiaries are always up-to-date. Beneficiary SIPPs can be set up at any age to allow, upon death, a member s benefits to pass to nominated beneficiaries in the most tax-efficient way. Automated disinvestments from the investment solution to cover withdrawals and income requirements. Wrap SIPP Regular disinvestment from any investment held on the Wrap platform can be set up to meet withdrawals and income requirements. This can be supported by off platform investments so long as agreements are in place. Retail SIPP Income can be targeted from specific or all insured funds, and / or the SIPP Bank Account your clients choose to have income paid from. There should be enough to cover income requirements. If there is not, then we ll contact the client or you can discuss with them. 4

5 Why our drawdown proposition? A full suite of drawdown options are available flexi access, capped, drip feed and tailored meaning you have the maximum choice when choosing the best option for your clients. UFPLS style payments are also available. Supports effective tax planning by facilitating regular pension income, shaped around a client s requirements. For example, by combining a tax-free lump sum regular income with a pension, you can deliver a value-added proposition by creating a more tax-efficient income. Reduces administration costs in your business as the individual instructions will not be required for each phase of drawdown. The income instructions can be changed easily, at any point, to suit each individual s requirements as tax circumstances generally change on an annual basis. This will save you time which can be spent with your clients. This helps keep as much value within the pension as possible, only crystallising what is required, so your clients don t need to take out more than is necessary. Two income streams can be set up one from the tax-free cash entitlement and one from the taxable element. The only restrictions on these income streams are legislative i.e. Tax-free income can t be more than 25% of the un-crystallised pension fund. Taxable income can t be more than the value of the post-crystallised pension fund. It s a simple concept for you to explain to your clients. We have over twenty years of experience in drawdown, with over 16bn assets under management almost twice the amount of our closest competitors. Around 85,000 customers trust us with their drawdown plans, which is over a third more than any other drawdown provider, and we continue to meet their evolving needs. As at January What investment options are available? We offer a range of investment options to suit varying risk appetites and price points to help you meet your clients financial goals. And we make it easy for you to manage their investment portfolios. You can nominate an authorised third party Discretionary Fund Manager off platform to manage assets within the Retail SIPP or for Wrap SIPP. We offer access to 74 Discretionary Fund Managers, via the Investment Hub. 5

6 Your clients can access a wide range of investments through our SIPP, including: Insured, mutual and exchange traded funds Cash deposits Structured products Government and corporate bonds Commercial property UK and overseas company stocks and shares Standard Life Wealth s Managed Portfolio Service. You can also outsource some, or all of your investment management from risk-based funds and portfolios, such as our MyFolio multi-asset funds, through to full discretionary management services. However your Centralised Investment Proposition is set up, we can support you. SIPP also offers access to our MyFolio suite of diversified multi-asset funds. Why MyFolio? Our MyFolio funds offer 25 carefully constructed risk-based portfolios managed by Standard Life Investments, covering a choice of active and passive investment strategies across five risk levels and five investment styles. MyFolio funds aim to maximise returns for your client s selected level of risk through an innovative asset allocation approach. Using the range of selected asset classes, a strategic asset allocation benchmark is designed to generate the highest expected return for the given level of risk in each fund. Standard Life Investments currently engages with Moody s Analytics, world-leading experts in risk-modelling solutions, to identify the optimum strategic asset allocation for each fund. 10bn assets under administration in MyFolio funds at 31 October 2016 demonstrates that the range is very popular with our customers. What support do we provide? You can interact with us in a manner that suits you and we will help you reduce your administration burden. We have a large team of dedicated professionals available to answer your calls or s. Also ensuring our various customer operations run smoothly and with an average of just under 16 years' experience within Standard Life, you're in safe hands. We have the ability to deal with high demand. With an operations team that regularly answers over 150,000 customer calls a month, we are providing a service that customers feel happy to use providing the help they need, when they need it. We provide a wide variety of online functionality, including an online quote and apply process and online management of your clients retirement income options. This lets you complete transactions quickly and when it s convenient for you. 6

7 Our industry experts regularly publish articles covering topical subjects and highlighting opportunities, aiming to help you maximise every possible opportunity to develop your business. We have a track record of supporting advisers and delivering excellent customer service standards to your clients making us easy to deal with. Our People Satisfaction score is 96%. This is based on results from our telephone survey after advisers have used our Customer Operations centre. You ll also benefit from expert pensions, tax and technical support. Delivering the latest technical insight and opportunities to create value for your clients, our qualified and experienced technical team help you stay one step ahead. Our technical consultants are skilled and qualified in financial planning, taxation, trusts and estate planning. You can access our technical service through our Techzone website and you will receive a wealth of information that can help your business add value to your clients. For Retail SIPP we provide web chat capability for new business and client view, allowing you to service clients online. We offer a wide variety of planning tools to help you work more effectively with your clients, including risk questionnaires, our Income Drawdown Calculator and our Portfolio Analyser. How do we protect clients? Our financial strength The capital strength of our business is critical to the provision of our SIPP and other pension retirement propositions. As an insurer, we are subject to existing insurance regulations; our financial strength is monitored continuously and is subject to regular regulatory reporting. The company is well capitalised with a stable Solvency II surplus. Standard Life Assurance Limited is subject to insurance regulations and is out with the scope of the capital adequacy being proposed for SIPP Operators. Standard Life Assurance Limited has: A Financial Strength Rating of A+ / Stable from Standard & Poor s An Insurance Financial Strength Rating of A1 / Negative from Moody's. Standard Life Wrap Platform has an AKG rating B+ (very strong) and an AdviserAsset 2016 and 2017 Platinum Platform Rating. Compensation Your client has the maximum possible FSCS protection available depending on the type of assets held. We hold client money and client assets separate from Standard Life s own assets in accordance with the FCA s client money rules. The FSCS provides protection to consumers. However, different limits apply to different types of investments. For further information, please check the FSCS website or call We have sufficient professional indemnity and crime insurance to meet its required obligations, ensuring that we are adequately covered in the event that a claim is required. Data Protection We take data and system security very seriously and we comply with legislation at all times. We apply the appropriate safeguards to any personal data we collect, record or use to make sure that we comply with the data protection law. Please contact us if you would like more details as we understand that data security is important to your clients. 7

8 Interested in our SIPP? If you would like to know more about our SIPP, or if there s anything we can help with, please get in touch with your usual Standard Life contact or call us on We re open Monday to Friday, 9am to 5pm. Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. Award-winning solutions For drawdown 5 star Self Invested Personal Pension 2017 Moneyfacts ratings awards SIPP/SSAS Provider of the Year and Income Drawdown Provider of the Year Financial Adviser Life & Pensions awards 2016 Standard Life Assurance Limited and Standard Life Trustee Company Limited are owned by the Phoenix Group and use the Standard Life brand under licence from the Standard Life Aberdeen Group. You can find more information about Standard Life Aberdeen plc s strategic partnership with Phoenix at Standard Life Assurance Limited is the provider and scheme administrator of the Standard Life Self Invested Personal Pension Scheme, and Standard Life Trustee Company Limited is the trustee. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Trustee Company Limited is registered in Scotland (SC076046) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. GEN Standard Life Aberdeen, reproduced under licence. All rights reserved.