Exaxe, a leading supplier of software and services to the Life & Pensions industry today announces the launch of its new SIPP illustration module, part of Exaxeâs market-leading illustration solution, Illustrate PlusÂ®.
Illustrate Plus is a web-based illustration and quotation system that supports new and existing business across all products for Life, Pensions, Group and Individual Business. The product is a stand-alone module for providing a complete illustration solution for SIPPs. It can be purchased separately, or as part of the full Illustrate Plus solution. Illustrate Plus SIPP supports rapid new SIPP product launches and SIPP product innovation, with no IT input. All product parameters, validations and calculation rules are fully configurable from within Exaxeâs user-friendly Product Development Application (PDA).
Norman Carroll, Managing Director of Exaxe, notes:
âWeâre seeing a significant shift in the pensions market as the government attempts to make investment in pensions more attractive to the general public. Itâs working. UK savers are being attracted to SIPPS by their tax advantages and flexibility and savers have been pouring millions of pounds into SIPPS. Datamonitor research suggests that sales will grow from below Â£1bn in 2004 to more than Â£2bn in 2009 (source: Datamonitor - Distributing Self Invested Pensions in the UK 2005).
âNew regulation of the SIPP market is coming into effect on 6 April 2007. Providers will need to provide Key Feature Documents for their SIPP products for the first time. To be a market leader, customer centric and transparent providers should comply with the FSA guidelines around projections and illustration of charges.
âNow is the time for providers to review their illustration systems. Providers should ensure that they have the systems in place to supply this information in the SIPP market.â