The aim of the bond is to combine discretionary management with the merits of an onshore bond. Parmenion said advisers will have access to a wide range of portfolio solutions.
The launch is in response to HM Revenue and Customs reducing the tax efficient dividend allowance from £5,000 ($7,094, €5,734) per annum to £2,000 from 6 April 2018, impacting the efficiency of assets held in a general investment account.
Richard Goodall, distribution and marketing director at Parmenion, said: “We are excited to be working with Sanlam and to extend our proposition with this important new launch. Advisers have asked us to deliver this capability and we are pleased to have been able to respond to their requests.
“Onshore bonds provide broad planning opportunities for advisers and their clients, which when combined with our flexible portfolios, have the potential to deliver great customer outcomes.”
Jonathan Polin, Sanlam group chief executive, said: “We are a collaborative business and Parmenion are a great success story in the platform market. We are delighted to be working with them.
“Retirement is no longer just about pensions. Structuring a tax-efficient income stream from a range of tax wrappers is becoming increasingly important.”
Polin added: “Advisers are reconsidering how they allocate new monies and are reviewing existing clients with portfolios over £50,000 in a general investment account. The onshore bond wrapper is now widely accepted as a core part of the planning process for most UK investors.”
