Aberdeen has today launched a new and enhanced Self-Invested Personal Pension (SIPP), and free Junior SIPP.

It said the Junior SIPP plugs a gap in the market because there are few tailored industry options.

The SIPP features an automated drawdown price lock and flexible income solutions, such as flexi-access, capped and tailored drawdown, and choice on drawdown dates and prefunding.

It also offers family linking, to support intergenerational planning, which means charges are reduced across SIPPs, ISAs and the new Junior SIPP for family members, Aberdeen said.

The new Junior SIPP offers market-leading pricing, Aberdeen claimed, with no platform charges until the age of 18.

Noel Butwell, chief executive officer, Aberdeen Adviser said: “Our new SIPP has been built with care, to deliver what we think is a best-in-class product, with user experience and flexible, tailored solutions front and centre. We have listened to what advisers want, and drawn on our roots, to create the SIPP.”

He said the drawdown price lock offered by Aberdeen means that once a client enters drawdown they can lock the annual platform charge based on their total platform-eligible assets (PEAs) at that moment, so even if their pot subsequently declines (because of withdrawals or market falls) the charge won’t automatically revert to a higher tier. 

The drawdown lock is also automatically reviewed on a monthly basis, so if the client’s portfolio increases, the lock will be re-set to secure them the new better rate.

The Aberdeen SIPP is available on the Aberdeen Wrap platform. It will be available to new policies first, with existing policies moving over next year.

The new Junior SIPP will be available to all new and existing Wrap clients at launch.

Aberdeen Wrap will be 20 years old in 2026 and Aberdeen’s first SIPP was launched in 2002 under the Standard Life name, making it one of the first to market, the firm said.