Its not very often I get excited about a product but AXA have recently launched the Family SunTrust (getting excited about pensions may mean I need to get out more). The Pensions simplification reforms have allowed AXA to develop a product that takes advantage of the greater flexibility allowed under the new rules.
The Family Suntrust is all about giving you more flexibility in retirement planning. It allows groups such as families or business partners to set up their own self invested personal pension scheme. You can invest together and decide on a common approach, which means it might be easier to make ‘bulky’ investments, such as commercial property. It can also provide economies of scale as you only have one set of fees and potentially together it may be possible to negotiate services eg discretionary management on competitive terms.
Allocation of growth can be varied in selected circumstances, which is another attractive feature. The plan also offers flexible retirement options, especially post 75 including potentially higher pension income and ability to guarantee payments for ten years, potentially minimising tax liabilities on death.
Likely to benefit clients such as families, business partners and the self employed and groups of like minded individuals.