Hornbuckle and Prudential have announced a joint initiative to bring advisers a new retirement proposition that combines the PruFund range with the flexibility of a full SIPP wrapper.

The PruFund range offers stable returns for income – with further options to guarantee capital value – and the Hornbuckle SIPP at the same time offers the flexibility to adjust and add investments in the pension wrapper as life choices require.

Clients will be able to switch freely between the range of PruFunds within the SIPP. Advisers can access the proposition via a single application process including just one joint application form that combines both the set-up of the pension wrapper and placing the investment with Prudential.

Advisers will only contact one provider – Hornbuckle – during the new business set-up process.

Patrick Van de Steen, managing director, proposition & marketing at Hornbuckle, said: “With low interest rates here to stay, clients look for substitutes to annuities at-retirement. The combination of the PruFund’s smooth returns with the flexibility of our full SIPP wrapper can deliver this at a competitive price.”

Vince Smith-Hughes, head of business development at Prudential, added: “This initiative is designed to make it as easy as possible for advisers to access a range of PruFunds via the popular Hornbuckle SIPP.

“Tie ups such as this will become more commonplace as providers focus on supporting advisers who are in ever greater need of efficiencies and wider options for their clients.”