In a statement on Wednesday, the company, which currently operates across Europe, Asia and Australia,said the move was in “direct response to demand from advisers” and will offer their clients the ability to purchase the bond wrapper with discounted terms to access the Elevate platform.
“Offshore bonds can play an important part in a portfolio, particularly at the decumulation stage when the efficient use of tax allowances in the bond can support both effective tax planning for income and for estate planning,” said Standard Life, which is currently in the middle of a £11bn (($14.1bn, €12.6bn) mega-merger with Aberdeen Asset Management.
Offshore bond resurgence
It comes just days after Isle of Man-headquartered life company Utmost Wealth Solutions announced the launch of two new single premium Dublin-based offshore bonds to its current range.
While last month, Old Mutual International unveiled a new offshore bond aimed at the UK market.
Michael McKenna, chief executive of Standard Life International, said: “We welcome the opportunity to give Elevate advisers the option of managing their client’s investments in our bond, giving them greater choice and flexibility, particularly when it comes to tax planning.”
Steve Owen, head of proposition for Elevate, said: “I am delighted that we have been able to respond to adviser demand and offer this enhancement to the Elevate proposition.
“By teaming up with Standard Life International, Elevate can provide the investment engine inside the award winning International bond product.
“Taking this alongside the development programme we announced in April, this is another demonstration of our continued commitment and support to the adviser businesses we work with.”
