CLOSE International Private Banking is entering the pension market. It is launching a range of products to cater for the needs of individuals and corporations, both locally and internationally.

One of the first pension plans will be specifically for local residents and will offer investors a fully personalised or multi-member product.

‘Pensions are a hot topic worldwide and with a lack of faith in final salary schemes, the issues associated with with-profit funds and lack of flexibility of benefits are driving the consumer to seek alternatives,’ said Rex Cowley, the bank’s product development senior manager.

‘These factors are the main motivation for the development by Close of the pension product offering.’

The personalised scheme has advantages over

current ones as it allows a wide degree of flexibility, giving the investor the facility to place a wide spectrum of assets, ranging from real estate to private company shares, within the plan.

The multi-member scheme will offer regular pension savers the ability to make monthly contributions into a personal fund and help them make lump-sum contributions.

This gives investors access to Close’s institutional investment expertise through a wide range of offshore funds.

All administration will be undertaken within the bank’s operation, which will help to reduce costs while creating efficiencies and allowing improved controls.

‘We aim to provide a fully flexible, cost-effective service which will give members the ability to take control over their own scheme,’ said John McKellar, Close Trustees Guernsey managing director.

‘This approach will allow the inclusion of an unrestricted number of asset types while also giving investors full access to our existing comprehensive fund range.’

The available funds include money market, highly-rated fixed income offerings and the absolute return type, the Close All-Weather Fund.

This offers clients access to some of the top managers from around the world through the bank’s multi-manager, multi-asset offering.

Adrian Flambard, Close International Private Banking business development director, said: ‘The pension product has been carefully researched and addresses all the issues over which investors have had concerns in the past, such as access, cost, type of permitted assets, transportability and security.

‘This new product range is further evidence of Close’s strategic plan to enter carefully researched markets with dynamic and innovative products which focus around the required needs of local and global investors,’ he added.

Product information will be released soon to professional advisors and financial planners.