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Sipps demand on rise
23 April 2008 12:00
Take-up of self-invested pension plans (SIPPs) has risen in the past two years, according to a new survey of financial advisers, who have played a key role in their promotion.
Since April 2006, almost one in three advisers who did not previously deal with SIPPs have become involved in this sector, Liverpool Victoria's poll showed, while over one in four have increased the level of SIPPs business they do for their clients.
Moreover, almost one in four advisers who were already working with SIPPs have seen a sizeable growth in the number of people interested them over the past two years, while one in 11 said that they now had a high volume of Sipp clients on their books.
Liverpool Victoria's head of pensions Ray Chinn welcomed this show of adviser interest in SIPPs, adding that since they became regulated a year ago, confidence in these products has grown and they have moved from being niche to mainstream vehicles.
However, he noted that SIPPs are not suitable for everyone and urged advisers to take care over who they supply them to, echoing warnings issued last autumn by both James Hay's Chris Smeaton and Mark Andrews from advisory firm Purplecircle Consulting.
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