Two Legal & General businesses link Skandia as a new platform distribution partner.
28 October 2011
Legal & General International (Ireland) Ltd and Suffolk Life have announced that customers who wish to invest in either an International Portfolio Bond and/or SmartSIPP are now able to hold their investments on the Skandia Investment Solutions platform within both of these products.
With immediate effect, customers who wish to invest in an International Portfolio Bond from Legal & General International (Ireland) Ltd can now hold and manage their investments on the Skandia Investment Solutions platform. Clients can use existing qualifying* platform holdings to set up an International Portfolio Bond.
The SIPP specialist arm of the Legal & General Group, Suffolk Life, has also confirmed that SmartSIPP now offers access to the Skandia Platform. Research from Platforum indicates advisers like the simplicity of Skandia's platform proposition but also value being able to purchase additional assets off platform direct via Suffolk Life where required.
The PLATFORUM places Skandia as the UK's largest platform by assets under administration with over £40 billion in AUA** (as at 30 June 2011).
Nick Dixon, Skandia UK's marketing director said: "Using a platform to manage a portfolio of funds within an offshore bond or SIPP provides advisers and customers with many benefits. There are no initial charges on any of the funds on our platform, there are risk profiling and asset allocation tools that can help match portfolios to customer needs and the portfolio can be managed and updated easily and cost efficiently. We are very pleased to have teamed up with two Legal & General businesses and expect the Skandia platform to be a popular option within their customers."
Danny Wynn, Director, Platforms and Policy at Legal & General commented: "Many advisers now place increasing importance on choice of platform in their product selection process. Similarly as we approach RDR we expect that customers will increasingly want to access financial services and products via their platform of choice. This is creating new opportunities for platform providers to both extend the services they offer to their existing clients and develop new and mutually valuable client relationships. We are delighted to be working with Skandia to widen investment choice for our customers."
Advisers who wish to take advantage of this facility should contact their Legal & General or Suffolk Life representative.
IFAs who require more information about International Portfolio Bond should contact the Legal & General International (Ireland) Ltd Distribution Support Team on 0845 6740 803.
IFAs who require information about Smart SIPP should call Suffolk Life on 0870 414 7000.
Lines are open from 9.00 am to 5.30 pm Monday to Friday. We may record and monitor calls. Call charges will vary.
* Qualifying holdings – for example collectives that meet the HMRC and Irish Revenue regulations on permitted assets for pooled portfolio bonds and those that comply with Legal & General International's rules.
** Source – PLATFORUM Leaderboard Q2 2011 – Skandia AUA = £40.04bn. Gross sales of offshore bonds = over £200 million – 01/07/2010 to 30/06/2011.
Notes to editors
Suffolk Life was acquired by Legal and General in May 2008
Legal & General International (Ireland) Limited is authorised by the Central Bank of Ireland.
A member of the Association of International Life Offices.
Legal & General International (Ireland) Limited is a subsidiary of Legal & General Group Plc.
Registered in England No. 01417162.
Registered address: One Coleman Street, London EC2R 5AA.
For more information please contact:
PR Manager Savings
t: +44 (0) 1737 375365
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