The latest Money Management SIPP (Self Invested Personal Pension) survey has thrown up some interesting statistics.
According to the survey, the total assets held in SIPPs, has risen slightly since the last survey, six months ago, to £88.6 billion. The increase is small though, only 0.08% over the past six months, whilst at the same time, there has been a significant fall in the number of SIPPs in existence.
The survey revealed that over the past year an additional 90,000 plans had been written by the 58 SIPP providers who took part in the survey, with 6,000 SIPPs closed during that time.
However, over the six months since the last survey, the figures look less healthy, with the number of SIPPs in existence shrinking by nearly 45,000 or 9%, to 439,866.
SIPP providers were quick to point out however that many ‘new’ schemes are actually transfers from other SIPPs and are not actually new SIPPs.
Naturally some SIPPs have proved more popular than others.
Friends Provident and AWD Chase de Vere added less than 30 new SIPPs to their existing book between them. However, others, for example the James Hay iSIPP, have seen significant growth.
The James Hay iSIPP is a slimmed down version of a full SIPP, allowing access to a more restricted range of investments, however growth over the past year has been significant, with new applications up by nearly 250%.
The James Hay iSIPP is one of a new breed of SIPPs, which rely heavily on technology and a more restrictive investment options to drive down cost. They are becoming more popular with investors and advisers alike, as many investors decide that they don’t need a ‘full’ SIPP and can reduce charges by transferring to one of the new breed.
Our team of Independent Financial Advisers in Nottingham are experienced in advising SIPP investors on their cash options, if you would like advice on your options call one of our IFAs today on 0115 933 8433, alternatively enquire online or email firstname.lastname@example.org