UK SIPPs market report
"The SIPP market is increasingly diverging into two separate areas: lower-cost and lower-value platform SIPPs and full-range bespoke SIPPs. Despite the many challenges ahead, there is a place for both plan types. Bespoke providers will have to hold greater levels of capital, and yet more of them may be forced out of the market. But those who remain and employ stringent due diligence processes should be stronger as a result, contributing to a leaner and fitter marketplace."
- Sarah Hitchcock, Senior Analyst - Financial Services
This report discusses the following key topics:
- Good prospects for future growth, but still many challenges ahead
- Opportunities abound in the decumulation market
For the purposes of this Report, Mintel uses the following definitions:
A self-invested personal pension (SIPP) is a type of defined-contribution personal pension that gives the investor greater flexibility and control over investment choice. Since its inception in 1989, the product has evolved to the point where there are now broadly two main product types, catering for different markets. These are:
- Streamlined/platform SIPP offers investors access to a range of standard investments, such as equities, cash, collective investments and bonds, but which usually require the investor to use the 'in-house' share trading service or platform. They include lower-cost, simplified SIPPs (which typically have a low or no minimum investment) and mid-range collective SIPPs, which tend to be offered by insurance companies.
- Full-range/bespoke SIPP is a SIPP in its purest form, allowing the widest choice of investments - including commercial property and more esoteric investment types such as derivatives - to be bought and held via a full range of investment counterparties. Full-range SIPPs tend to have higher administration charges and usually require a minimum investment of Â£50,000. Consequently, they are often taken out by the mass affluent, affluent and the high net worth (HNW), through the advised channel. They also tend to be run off platform, so may be referred to as non-platform based SIPPs.
SIPPs may also be categorised according to how they are legally structured, ie whether they are insured products (provided by insurance companies and established by deed poll) or non-insured products (written under trust). At least three fifths of all SIPPs in force are estimated to be non-insured.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.