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Self-Invested Personal Pension
The Financial Services Authority (FSA) has issued a warning to investors about using an unauthorised business identifying itself as Cash My Pension.
The FSA noted a jump in advised sales of personal pensions in 2010/11 compared with the previous year, and said this could reflect pension switching, a practice it pointed out some firms had failed to carry out appropriately in the past.
Pension experts warn investors could be stuck in poorly performing plans, as transfering out could lead to a loss of income following changes to drawdown rules.
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SIPP provider Suffolk Life will hold its fees at 2009 levels for 2011.
In the beginning, nearly 21 years ago, Self Invested Personal Pensions (SIPPs) were a niche product aimed at mainly high net worth individuals with specific and often complex investment requirements. Flexibility and quality of administration were top priorities for buyers.
The government plans to allow people who hold pensions to access debt relief orders (DROs), which provide a cheaper alternative to bankruptcy.
Individuals paid £1bn less into personal pensions over 2009/10 than the previous year, according to HMRC figures.
Martin Palmer, head of corporate pensions marketing at Friends Provident, defends pension charges.
Self invested personal pensions (SIPPs) have been recommended by 82% of generalist advisers, research from Defaqto shows.
Retirement Planner editor Helen Morrissey recently chaired an online Conjecture debate on the SIPP market. Advisers were encouraged to put their views to a panel of industry experts on how they feel the SIPP market is developing
Standard Life is offering advisers commission worth up to 25% of their clients’ first year of payments as part of its active money personal pension.
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