SIPPs remain top 3 pension product with advisers

SIPPs remain a top three pension product recommended by financial advisers, according to a new survey by Defaqto. Defaqto's Pension Service Review found that advisers remained strong users of SIPPs despite recent woes in the SIPP sector.Defaqto said that as in 2016 and 2017, in 2018 personal pensions, drawdown and SIPPs were the most recommended types of pension product and in the same order of preference.Personal pensions, drawdown and self-invested personal pensions continue to dominate the most recommended products, it said.Hybrid and blended solutions have become slightly more popular than last year and annuities remain at a “steady level” when compared to 2017, suggesting their demise may have been “somewhat exaggerated.” said Defaqto.Defaqto’s Pension Service Review also revealed a mixed picture on pension admin from providers but saw a decline in Pension Freedom servicing, seen as one of the most important areas for service by advisers.The annual Defaqto survey measured the relative importance to advisers of seven satisfaction categories.Adviser Pension Ratings on ServiceSource: DefaqtoDavid Cartwright, head of Insight and Consulting for Wealth and Protection at Defaqto, said: “Overall satisfaction remains largely unchanged in comparison to 2017. However, there is still work for providers to do in some of the service categories when it comes to bridging the gaps between service and expectations.“Results of the survey have shown that providers will need to consider the service they are offering and why advisers (or perhaps advisers’ clients) are not completely satisfied with how they are performing in certain areas.”

SIPPs remain top 3 pension product with advisers

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