The new Sipp will provide financial advisers with specialist tools such as risk profiling analysis and asset allocation modelling tools, which will all be accessible online. It is hoped that these will allow them to be able to advise their clients better.

Customers and advisers will be able to use a “quick switch” function online which will enable them to view their investment opportunities and make fast and informed decisions about their investment choices.

Mark Kirsch, commercial and marketing director at Norwich Union Life, said: “We conducted extensive adviser and consumer research into the Sipp and pensions market, the results from which have helped us create a highly versatile and flexible Sipp product.”

He added: “The new Sipp forms part of our retirement solutions package, which means that many customers will have the opportunity to move existing pension arrangements seamlessly into a new Sipp when they wish to.”

To read more about Pensions, click here.

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