An update on Wrap SIPP and Onshore Bond

The Wrap SIPP and Wrap Onshore Bond products on abrdn Wrap are currently provided by Standard Life Assurance Limited (SLAL), part of Phoenix Group (Phoenix). We previously communicated that we are simplifying our relationship with Phoenix and that ownership of these products will transfer from Phoenix to abrdn at a future date. We’ll be delivering this through the next phases of our Adviser Experience Programme.

Ahead of the transfer to abrdn, Phoenix is proposing to transfer all of SLAL’s business to another Phoenix company. This will include the transfer of the Wrap SIPP and Wrap Onshore Bond products.

This transfer will be made under a process set out in legislation and requires consultation with the regulators, as well as court approval. If the court approves the transfer, your clients' product will transfer from SLAL to Phoenix Life Limited (PLL). PLL will be your clients' new provider but otherwise there will be no change to terms and conditions.

The transfer will not change or impact the services provided by abrdn or any other products held on Wrap.

More about the transfer and client notification