Ascentric extends tax wrapper offering

Ascentric has extended its choice of tax wrappers with the addition of Sanlam’s Transfer Pension Portfolio (TPP), a self invested Section 32.

A Section 32 buy out bond is designed to allow clients in occupational pensions, both defined benefit and money purchase, to transfer benefits without losing any protected tax-free cash lump sum or retirement age.

Sanlam's TPP, currently only available through Ascentric, is the first Section 32 to be offered on the platform.

The TPP, which Ascentric said is one of the few self invested Section 32 products on the market, allows clients to fully self invest all of their protected rights, non protected rights, and Section 9 (2B) rights in assets via the platform.

The wrapper is aimed specifically at IFAs advising on pensions and who have already, or are in the process of, transitioning their business to a fee model.

It is also suitable for advisers wishing to illustrate the additional value of self investment over and above the insured propositions of traditional life companies.

"We are committed to delivering choice through technology and the launch of Sanlam's TPP fully underlines this commitment by extending our range of tax wrappers into Section 32", said Ascentric sales and marketing director Richard Goodall (pictured). 

"We have had significant demand from advisers for a Section 32 to meet the pension needs of their clients, and I am delighted to be working with such a forward thinking provider."