Pension investments rose by 66.3% year on year in the third quarter to hit £13.4bn fuelled by transfer business, particularly transfers to SIPPs, according to analysis from intermediary database provider Equifax Touchstone.
New investments in SIPPs fell by 13% in the second quarter of this year despite the boom in pension transfers fuelling growth in transfers to SIPPs.
Total SIPP sales for the first quarter of 2017 surged by 25% with inflows of £3bn, an increase of 16.6% on Q4 2016, according to data from Equifax Touchstone.
Sipp inflows for January to September increased by nearly £3bn compared to the same period last year, according to data which covers 90% of the UK’s leading life and pensions companies.
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