The Wrap SIPP and Onshore Bond products available on abrdn Wrap are currently provided by Standard Life Assurance Ltd (SLAL). However, abrdn previously communicated that the firm plans to take ownership of the products from SLAL to Phoenix Life Limited (PLL), another company within the group.

These proposed changes have now been approved by the High Court in England and the Court of Session in Scotland, meaning that the SLAL business will transfer to PLL on 27th October 2023.

How will this affect my investments?

While changes such as these can be inconvenient, it’s important to know that this change of provider will not impact how these products operate on the abrdn platform. There will be no changes to any contact details and all investment choices, fund values, charges and current benefits will remain unchanged.

Phoenix has created a web support function, which contains the full details of the transfer process – click here to find out more.

You will start to see the updated Wrap SIPP and Onshore Bond product information with the new provider details from 30th October.

Here at Matthew Douglas, we’re here to help you. If you have any questions about this recent update, please reach out to our friendly team.