Sipp provider James Hay is planning to develop a group personal pension (GPP) aimed at management level employees to be launched in time for auto-enrolment.
Richard Mattison, James Hay business development director, said the GPP would offer flexibility and greater investment choice than rival offerings.
‘What we will develop is a group personal pension with some extra flexibility,' he said. 'It would be aimed at the management tier of companies. We would be looking for it to coincide with the launch of auto-enrolment at the end of 2012.’
Launch of the GPP would follow James Hay's launch of two Sipps as part of a business restructure following its acquisition by IFG Group.
Mattison disputed the labelling of many corporate pensions as 'group Sipps', arguing the name was misleading.
‘There are products called “group Sipps” and “corporate Sipps” but the term “group Sipp” doesn’t really apply. A Sipp is a personal pension sold with additional flexibility. So on a group level a true Sipp doesn’t really work.’