Your guide to Wrap SIPP vs Aberdeen SIPP processes

How to use this guide
This guide provides a practical comparison between the Wrap SIPP and Aberdeen SIPP products, specifically designed to help you understand the administrative differences between the two SIPPs. It highlights key process changes, platform capabilities, and user actions that you need to be aware of. It covers everything from new business setup and drawdown processes to investment handling and client data updates.
The Aberdeen SIPP replaces the Wrap SIPP for all new business.
Use this guide to:
- Identify which product-specific steps apply to your task
- Understand where processes have improved or changed
- Ensure accurate and efficient handling of client requests
New client
| Process/Feature | Wrap SIPP | Aberdeen SIPP |
|---|---|---|
| Anti Money Laundering | N/A product is no longer available for new clients. Follow the steps for Aberdeen SIPP. | AML data is completed online via the new client journey. |
| Drawdown | N/A product is no longer available for new clients. Follow the steps for Aberdeen SIPP. | To be completed through the online journey. |
New business for existing clients
| Process/Feature | Wrap SIPP | Aberdeen SIPP |
|---|---|---|
| Single & regular payments | These are keyed as gross. | These are keyed as net and you can choose if tax relief is applied by selecting yes or no. |
| Third party payer | No option available. | Yes, you can add third parties on the Aberdeen SIPP. |
| Over 75+ contributions | No, only available for transfers. | Yes, it is available on all new payments & transfers. |
| Quote including drawdown | Available via new business journey on Wrap, or you can request via the SIPP Quotes Mailbox. (wrap_sippquotes@aberdeenplc.com) | All options will be produced online on the Aberdeen SIPP journeys. |
| Off Platform Investments | You must allocate to SIPP Cash and email Sipp Serv Trades. (sippserv_trades@standardlife.com) | Off Platform Investments is processed online. |
| Insured funds | Yes, they are available. | No they are unavailable. |
| Shares | Yes, they are available but are not classed as Platform Eligible Assets, so they have an additional admin fee. | Yes, they are available, but they are now classed as Platform Eligible Assets so will not incur any additional admin charges. |
| Drawdown via new business | Top up wizard, drawdown request based on top up value only. | Completely online and can be processed once payment received. |
| Drawdown - no new business | Requested via phone or form. Adviser manages cash for payment. | Completely online and has the ability to designate where the payment value is coming from. |
| Drawdown lump sum payments via new business | These are paid to client PRE investments. | These are paid to client POST investment. Therefore, you must allocate proceeds to Aberdeen SIPP product cash. |
Existing client
| Process/Feature | Wrap SIPP | Aberdeen SIPP |
|---|---|---|
| Drawdown quotes | Yes, available on request via drawdown team. | Yes, available online and able to be processed via the online drawdown process. |
| How to instruct drawdown requests | Yes, available on request via the online drawdown request for Wrap SIPP. |
Yes, available online via drawdown processes. |
| Managing cash for drawdown instructions - (Single or Regular) |
You must have cash available for single drawdown payments. You should set up regular sells to top up cash before your chosen payment date. |
You must have cash available for single drawdown payments. As part of the online drawdown process, you can set up a regular disinvestment strategy. |
| Updating regular contributions from taxable income | Regular contributions must be cancelled and rekeyed via the new business process. | Regular contributions can be edited online, including changes to payment dates, bank accounts and investment strategy. |
| SIPP data for non-standard clients i.e. Protection, over £1,073m, bespoke retirement age | Data to be requested via Aberdeen Client Engagement Hub. | Data is available online including LSA and protection. For clients with pension protection, you can add the protection certificate reference online. |
| Death benefit nomination | Updated via a form located on platform. | You have the option to update data online. For more complex options you need to complete a form (ADV419). |
| Update retirement age | You can update for quote purposes only via a top up process or contact the Wrap SIPP Team. |
You can update online via product screens. This will be reflected in future quotes. |
| Drawdown Price Lock | This is visible via the charge schedules and managed via new business or drawdown requests. | This is visible via product screens and able to be managed via new business or product screens. |
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Aberdeen SIPP
The Aberdeen SIPP has replaced the Wrap SIPP for all new pension applications. Visit our support page to get the latest updates and information.
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