Companies launch SIPP and VCT combination
Two companies have joined forces to offer an alternative pension scheme combining venture capital trusts (VCTs) and self invested personal pensions (SIPPs).
Octopus Investments and Capita SIP Services have launched the combined plan which attempts to merge the tax benefits of both schemes and create larger potential returns.
The scheme has been made available in the wake of A-day legislation that expanded the range of investments allowed in pension funds.
Simon Rogerson, chief executive officer of Octopus, said: "We knew how attractive combining SIPP and VCTs would be and are delighted that we are the first to make it happen.
"The key for investors is the ability of the SIPP provider to manage the product."
Investment manager Baillie Gifford noted in advance that the A-day legislation introduced this April would "tear up" the existing rules on pension schemes, paving the way for more flexible contribution plans.
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