IPS Partnership launches Family Sipp
The IPS Partnership has launched a family self-invested personal pension, which is a stand alone personal pension scheme established under its own trust and designed to pay a scheme pension.
There are no restrictions on the number of members and members can choose to act as trustees.
Members' funds can be invested individually or pooled to follow a common investment strategy.
The IPS Family Sipp can also accept transfers of protected rights.
Richard Mattison, business development director of IPS, said the Family Sipp was ideal for families, grandparents, parents and grandchildren as they could all be members and the fund could be invested under a common family strategy.
Scheme pension can be paid to the senior members and funds can accumulate for the younger ones in a number of ways, he said.
Mr Mattison said: "There is a very real demand for this type of product which has been growing over the last couple of years and we now feel the time is right to enter the marketplace. Scheme pension is becoming a popular option for drawing an income from a pension fund.
"We have listened to what our introducing IFAs have said to us and we feel we have put together a product combining all the best features that Family Sipp customers will require."
Graeme Bone, senior independent financial consultant of Beacon Asset Management, said: "The IPS Family Sipp offers significant extra flexibility for clients looking to utilise their pension fund more innovatively, perhaps between a group of connected members for building up their investments and through the scheme pension in retirement,
"The market has been waiting for such a solution to the current challenges faced by clients in today's retirement planning landscape.
"This is very important for many of our clients who are directors of small to mid-sized companies, often with substantial sums that they would like to try to protect for their spouses, children and grandchildren."
