Courtiers has launched a group Sipp product that it claims will help employers meet their legal duties under auto-enrolment.
The product will launch on Monday (23 November) along with a number of lifestyle strategies constructed for the product to cater for different risk approaches and target specific requirements.
Jonathon Howard, head of corporate clients at Courtiers, said the business decided to expand into the Group Sipp market as over the last few years he has seen a shocking decline in service from many of the leading insurance companies, leading to significant delays, errors and stress.
He said: “We got the impression that some of the insurers were either not committed to the group pensions market or were not sufficiently well-resourced to cope with the ever-increasing demand.
“Our clients were becoming more and more frustrated so we asked ourselves what we could do to fix the problem. The solution was staring us in the face. Since 2008 we have run our own Sipps so we decided to simply extend this offering to the group market.”
Jamie Shepperd, Courtiers’ chief executive, said: “We relish the opportunity to help our corporate clients provide for their employees by using our Group Sipp, which meets auto-enrolment requirements.
“Our long-standing relationships with our corporate clients provide continuity for employees as they plan for the next stage of their lives.”
Roy Mcloughlin, IFA at Master Adviser, agreed that there needs to be more Group Sipp products on the market.
He said: “There is definitely not enough products out there and this will just get worse next year and is currently a concern within the adviser community.
“Group Sipp options should definitely be part of the solution as far as capacity issues are concerned.”