IFGL Pensions has introduced key changes to its product range following a comprehensive review as part of the new UK Consumer Duty regulations from the FCA that came into force in July this year.
The product range has been simplified and, from 1 September, will now offer two products for new customers - The IFGL SIPP (for international clients) and The Insight SIPP (for UK clients).
The Acorn Lite SIPP is closed to new business from 1 September.
While many product rules and features will stay exactly the same for the 2 x SIPPs, there are some changes that are being introduced to the products:
• Changes to product charging
• Fair value calculation to be introduced
• Liquidity - minimum cash balances
IFGL Pensions will continue to offer the IFGL SSAS to UK customers. Following the review there will be some changes to product charging.
IFGL Pensions' MD, Rachel Meadows said,: "We're really excited about the opportunity to streamline and improve our product offering, and crucially to enhance the level of service support we're able to offer to advisers and customers. We're adopting a much more proactive stance, which will hopefully help to set us apart from our competitors."
From 1 September 2023 the IFGL Pensions product range is:
The IFGL SIPP
• Designed for international retail clients who are expatriate former UK residents who are now non-UK taxpayers.
• For clients with at least £75k to transfer into a pension, and who may wish to consolidate existing pensions held elsewhere.
The Insight SIPP
• Designed for UK retail clients.
• For clients with at least £75k to transfer into a pension, and who may wish to consolidate existing pensions held elsewhere.
The IFGL SSAS
• A type of occupational pension scheme typically used in the UK by owners/directors of SMEs, their families and key members of their staff who like the idea of more control over their own pension arrangements
• Sold to customers who are resident in the UK only
