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.
Several advice firms are braced for FCA punishments after consumers were advised to switch their mainstream personal pensions into Sipps through ‘improper delegation’ to unauthorised firms.
A consultant has swapped Sipps firms by making the move to Talbot and Muir from Xafinity.
Transfers into Sipps are up 36% over the year and transfers of pensions into drawdown products doubled since April, new analysis released this morning has shown.
Women could be faced with a significant retirement shortfall as the gap between both attitudes towards saving and savings levels widens with men as they get older.