Pointon York has launched a range of Shari’ah-compliant Self-Invested Personal Pensions (SIPPs) to meet growing demand from UK Muslims for a suitable retirement vehicle. The specialist SIPP provider is the first to receive Shari’ah-compliant accreditation by the Islamic Bank of Britain (IBB) for its full range of SIPPs
Sultan Choudhury, Commercial Director, IBB said, “People are being alerted to the risks of not putting enough aside in pensions for their retirement. British Muslims in particular have had very limited choices of Shari’ah-compliant products to invest within their pensions. Retirement planning has therefore been neglected because, amongst other reasons, the specific needs of Muslims have not been addressed. The launch of Pointon York’s range of SIPPs, accredited by IBB, therefore, represents a new opportunity for Muslims to invest for their future.”
Jo French, Managing Director of Pointon York, said: “The launch of our Shari’ah-compliant SIPPs is significant for Muslims, their IFAs and employers; it will encourage all parties to consider pensions as an important tool when planning for their retirement. It will also provide IFAs with the right products to deliver bespoke tax and wealth management strategies to the Muslim community. Employers will also benefit by being able to offer staff a pension scheme in advance of the 2012 auto-enrolment deadline. This is the first time that Muslim employees, IFAs and employers will have access to SIPPs accredited by Islamic Bank of Britain.”
The new range of Shari’ah compliant SIPPs from Pointon York also provides a solution for employers with Muslim staff. Employees have previously been reluctant to join a conventional pension scheme are now able to enrol into a competitive Shari’ah-compliant plan. This will also assist employers to meet the requirements of pension auto-enrolment earlier than the 2012 deadline.
Pointon York will be offering four Shari’ah-compliant SIPP products:
- e-SIPP. A low cost SIPP which can be easily managed online
- Single Investment SIPP. A straightforward SIPP for clients wishing to invest in a single asset
- Individual SIPP. A fully flexible SIPP allowing an extensive range of investments
- Corporate SIPP. Suitable for employers, it has three tiers providing flexibility. It is made up of the e-SIPP, the Single Investment SIPP and the Individual SIPP.
Each Shari’ah-compliant SIPP is designed to meet the differing needs of investors. Importantly, they all allow investors to enjoy the tax benefits of a pension without compromising their beliefs. As a flexible pension product, the Shari’ah-compliant SIPPs will allow Muslims to invest a range of assets into their ‘pot’. These could include cash, Shari’ah-compliant funds and property.