BNP to launch corporate SIPP admin service

BNP Paribas is due to launch a corporate SIPP administration service for a large insurer.

Tina Wilkinson, head of wealth manager solutions at BNP Paribas Securities Services, says the bank is holding talks with large insurance groups and will roll out the service within the next two months.

"This is a product of the future," says Wilkinson. "It gives corporates more flexibility and choice. We already have the product and are very close to getting a client."

Wilkinson says the new offering will help people save for retirement, thereby addressing one of the FSA's key concerns.

Although companies have developed corporate SIPPs, Wilkinson says BNP is the only firm ready to offer an all-online service allowing employees to access payroll and accounts and providing a broad range of choice.

She foresees a shift in the market as the general pension product moves towards the corporate SIPP model.

-"This is the next step following on from the existing DC plans," she says. "Most people assume a SIPP is a product for high-earners, but we see an opportunity to move the general pension product into a corporate SIPP that is portable."