Kleinwort Benson, the UK private bank, has appointed Standard Life as its preferred self invested pension (SIPP) provider.

SIPPs are used by clients as part of their retirement plans and are essentially tax-wrappers giving their holder Capital Gains Tax exemption in exchange for limited accessibility. A wider range of investments can be held by SIPPs than standard pension plans  - such as equity and commercial property.

“Kleinwort Benson has advised its clients for many years on the advantages of contributing to a SIPP as it is tax efficient, offers investment flexibility, discretionary portfolio management and flexible retirement options,” said

Guy McGlashan, head of private wealth management services at Kleinwort Benson.