HSBC UK has partnered with Fidelity FundsNetwork to launch a self-invested personal pension (SIPP), media reports said. The partnership will allow HSBC UK to offer the new solution to clients through Fidelity FundsNetwork platform.
Through the platform, clients will be able to open a FundsNetwork Pension account. For clients, the bank will provide SIPPs in addition to retirement advice on an existing product as well as a new one: HSBC Flexible Retirement Account and FundsNetwork Pension, media reports said.
HSBC UK Head of Wealth Management James Hewitson told the media, “We know our customers are looking for greater flexibility with their retirement planning. They want to receive their retirement income and be able to pass on their wealth to future generations in the most tax-efficient way. Fidelity has a strong reputation within the retirement space and the FundsNetwork Pension adds flexibility, quality and convenience for our customers and advisers alike. Coupled with investing in the technology our advisers use, we are helping customers to plan their retirement income more effectively.”
According to the bank, it has approximately 1.22 million clients who could quality for SIPP and make the most out of its benefits. The bank will provide free advice to high net worth clients on the Fidelity product. SIPP will be available to all clients regardless of their investment amount, media reports said.
Jackie Boylan, head of Fidelity FundsNetwork, told the media, “ The introduction of pension freedoms five years ago marked a significant opportunity to change the way in which people prepare for retirement, and our pension has been designed to offer value and choice to support them with their financial goals.”