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Finance
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HSBC and Standard Life launch new Sipp for SMEs
HSBC has teamed up with Standard Life to launch a new self-invested personal pension (Sipp), aimed at small and medium-sized businesses.
The product gives investors the benefits of a Sipp, but does not require the same level of investment as the bank's existing stakeholder pension.
The Sipp only requires a minimum £10,000 contribution, although the bank advises that it is ideally suited to customers with a retirement fund worth at least £100,000.
Mark Hussein, head of commercial insurance and investments at HSBC, said that the introduction of the new solution to its investment and insurance portfolio was a "win-win" situation for commercial customers.
"The benefits of a Sipp include the ability to invest in commercial property and the breadth of investment and retirement income options available make it ideal for our medium-high net-worth business owners," he revealed.
According to senior Hargreaves Lansdown analyst Meera Patel, Sipps provide "a great deal of flexibility" and are "a fantastic way to invest for your retirement".
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