Date: Jan 14, 2013
Categories: Retail Banking
Keywords: Standard Life
January 10th 2013 - Standard Life, a leading long term savings and investments company, today announced the launch of its first suite of retail savings and investment products available in Singapore. Standard Life’s Singapore product suite includes three core savings and investment plans, a “Regular Savings Plan Classic”, a “Regular Savings Plan Wealth” and an “Investment Plan”.
The plans offer a wide range of features that combine to create a flexible international product offering for customers looking to grow their savings over the medium to long term, whether it be saving for a future nest egg, children’s education, or building a comfortable lump sum to see them through retirement.
The Regular Savings Classic and Wealth plans are suitable for customers looking to start their regular saving regime with contributions beginning from as low as USD420 or SGD670 per month, throughout a predetermined duration. Both plans will offer extra allocation of units during the initial unit periods while the Regular Savings Plan Wealth will also pay an additional loyalty bonus# in units on every 5th year plan anniversary. The Investment Plan is a single premium plan suitable for wealth accumulation over medium to long term, providing one of the highest additional allocations in Singapore. While similar to the Regular Savings Plans, it requires a lump sum investment with the flexibility for top-ups and partial withdrawals.
All three plans will be available in Singapore Dollar, US Dollar, Pound Sterling, Euro, Japanese Yen and Australian Dollar, allowing customers the flexibility to choose the currency according to their preferences and currency diversification. The products will launch initially with access to 155 direct funds across a range of asset classes and investment markets – offering more choice than currently available from any other international life insurance provider in the market. Currently seeking further fund approvals from the Monetary Authority of Singapore, Standard Life eventually plans to offer customers choice from a selection of more than 230 direct funds. This will not only include exclusive access to funds from Standard Life Investments, but also fund options from other leading global and local investment managers. Customers will also have the freedom to make fund switches on their investment portfolio at no additional cost.
The Standard Life savings and investment product range will be available through independent financial adviser firms (IFAs) for both the local and expatriate markets in Singapore.
Neal Armstrong, Chief Executive and Principal Officer - Singapore, Standard Life, said, “Having only officially celebrated the launch of our Singapore branch last October, we are delighted to be announcing yet another exciting milestone for our business in Singapore. Singapore is a key market within our long term growth strategy for the region and we are committed to bringing a strong and differentiated proposition to the market.
“We are confident that the three products we have chosen to launch will fill what we believe is a savings and investment gap in the current local market. Our investment plans have been tailored specifically for high-net worth Singaporean residents and expatriates requiring accessible and flexible saving options that can be easily customised to match the requirements of their international relocation needs, but also reflect the implications of their wider estate, home tax and succession planning.”
Re-disseminated by The Asian Banker