Personal Pensions and SIPPs - UK - December 2019
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Following the introduction of the pension freedoms in 2015, new individual pension business, fuelled by pension transfers, increased dramatically until 2017. However, since then DB transfer business has fallen, due in part to increased regulation, which has had a significant impact across the market, particularly for SIPPs. There has also been a decline in the average individual contribution to personal pensions, particularly among the selfemployed.
Non-advised sales have increased, with improved platform technology driving the growing number of D2C SIPPs on the market. Multiple pension ownership is increasing, creating more demand and opportunity for consolidation within an individual pension scheme. The eventual implementation of the Pensions Dashboard will also help to drive this activity.
“A combination of increased reliance on workplace pensions and declining transfer business has had a negative effect upon the individual pensions market. Nevertheless, the increase in non-advised business is positive, and reflects the changing nature of the market with growth in the number of D2C providers and options. By focusing on Gen-Xers, who are the most likely to be unengaged with their pensions, and the self-employed, the market can return to growth.”
– Douglas Kitchen, Financial Services Analyst
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