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Latest News
02 Apr 2014

Investors Keep £135bn In Sipps, Survey Reveals

Self-invested personal pensions (Sipps) have been on the market for 25 years now and during this time, the option to invest your pension savings into assets of your choice has grown immensely.

According to figures quoted by the FT Adviser, over the past year alone, more than 115,000 new Sipps have been set up in the UK. Results from a survey published by the FT Adviser reveal that since October, the number of Sipps has increased 16% across 56 providers.

Meanwhile, the number of Sipps that are lost has remained largely unchanged, although there is no clear explanation as to why. Many providers put it down to retirement and death but some also think service issues are to blame. The number of lost Sipps went down by 6% since October to 6,348 but many providers prefer not to disclose such data, the news source noted.

Moreover, the growth of the Sipp industry is evident from the reported total assets over the past 12 months. While last year the total value of assets under management came in at £101 billion, providers reported that this year this has grown by 33% to £135 billion. Since not all providers submitted data, the figure could be even larger. The average value of a Sipp this year is £234,792, which is just over £15,000 less than in 2013.

But as the industry has grown, so too has the need for better regulation. Changes to capital adequacy levels are expected to be announced over the next three months.

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