Scotland's Standard Life Assurance Limited, which last week unveiled "the way forward" as its new corporate catch phrase, believes the way forward for its do-it-yourself pension investors could be gold bullion. Standard is offering its pension investors the opportunity to buy or sell gold bullion via the GoldMoney website.One adviser warns, however, that it reflects the "hype" around the soaring gold price.
Standard is offering its 100,000 self-invested personal pension (Sipp) clients the ability to invest directly in gold bullion, in association with GoldMoney, one of the world's largest holders of physical bullion for retail investors.
Clients will be offered "online access to GoldMoney's site 24 hours a day, seven days a week, where they will be able to buy and sell gold bullion," says Standard's release.
"Customers can buy or sell a total of 2,000 grams of gold in one business day and receive it at a confirmed price."
The spot price on offer is based on the trading prices from the London Bullion Market Association, and the bullion purchased is held "in a secure vault in London."
The fees include a 1.92% charge for purchases of up to £600,000 (then 1.04%), in addition to an annual storage fee of 0.15%.
The gold price, which has rocketed from $550 an ounce five years ago to $1,364 yesterday, has spawned a new industry of gold investment opportunities.
Standard Life Head of Pensions Accumulation Alistair Hardie said, "Advisers and clients have asked us to introduce gold bullion as part of our specialist Sipp proposition.
GoldMoney's Andrew McGowan said, "Inflation worries and economic instability continue to be the driving forces behind investor demand for exposure to physical gold."
