Preparing to transfer clients from Wrap SIPP
We, together with Standard Life, are making preparations to transfer your Wrap SIPP clients to the new Aberdeen SIPP. There are some important steps to consider if you have clients invested in insured funds - to help them to take advantage of the new product at the earliest opportunity.
Please refer to the glossary for capitalised terms at the end of this page.
What you and your clients need to do
Mapped Mutual Funds
We, together with Standard Life, have identified a Mapped Mutual Fund for each insured fund.
How each Mapped Mutual Fund has been identified:
- Where possible, the mapped fund is the underlying mutual fund that the insured fund already invests in
- Where that isn’t possible, the closest available match has been selected based on investment objective, asset allocation, investment strategy and charges.
- Where an insured ethical fund doesn’t have a direct mutual fund equivalent, we’ve selected the closest available option with an ESG aligned approach. You may wish to review suitability with your affected clients.
List of Mapped Mutual Funds
You can find details of the insured to mutual fund mapping, including the charges for each fund in our Mapped Mutual Fund list.
How Wrap SIPP clients will be transferred to the Aberdeen SIPP
We have summarised the key steps below. We’ll confirm exact timings and remind you of any immediate actions as we get closer to each stage.
Pre-transfer preparation
- Advisers review any clients that hold insured funds in their Wrap SIPP and agree next steps.
- Insured fund clients can be switched to an alternative investment, if appropriate.
- Prior notice of the transfer to Aberdeen SIPP will be issued to all Wrap SIPP clients. We’ll communicate with you in advance to allow you to prepare.
Initial Transfer
- Clients not invested in insured funds are transferred to the Aberdeen SIPP. We’ll communicate with you and impacted clients in advance of the Initial Transfer.
- The transfer is carried out in-specie, with no action required for the transfer of investments.
Insured Funds Withdrawal
- Insured funds will be removed as an investment option in Wrap SIPP. We’ll communicate with you and impacted clients in advance of the Insured Fund Withdrawal.
- Remaining clients invested in insured funds will be switched to the Mapped Mutual Funds after the notice period and unless we are instructed otherwise.
Follow-on Transfer
- Clients who were not included in the Initial Transfer are moved to the Aberdeen SIPP, following a further advance notification.
- More detail on the Follow-on Transfer and timings will be shared at a later date.
Important operational considerations
Glossary of terms
On this page, we use the following terms:
- Initial Transfer: the first expected transfer of clients from the Wrap SIPP to the Aberdeen SIPP, which should comprise clients who are not invested in insured funds at the time of the Initial Transfer.
- Follow-on Transfer: the second expected transfer of clients from the Wrap SIPP to the Aberdeen SIPP, which should comprise clients who remain in insured funds at the time of the Initial Transfer.
- Insured Funds Closure: the exercise Standard Life plans to undertake to close insured funds made available through the Wrap SIPP, which will involve switching insured fund holdings to Mapped Mutual Funds.
- Mapped Mutual Funds: the mutual funds we, together with Standard Life, have identified as a substitute for the insured funds made available through the Wrap SIPP which will be closing.
More information
Benefits of the Aberdeen SIPP
The Aberdeen SIPP offers a number of benefits for you and your clients, including full online management, a comprehensive investment choice and a wide range of drawdown options. Find more information on the product features and key benefits of the Aberdeen SIPP for you and your clients on our Aberdeen SIPP product page.