UK SIPPs market report
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Providing the most comprehensive and up-to-date information and analysis of the SIPPs market, and the behaviours, preferences and habits of the consumer.
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Products covered in this report
For the purposes of this Report, Mintel has used the following definitions:
A self-invested personal pension (SIPP) is a type of definedcontribution personal pension that gives the investor greater flexibility and control over investment choice. Since its creation in 1989, the product has evolved to the point where there are now broadly two main product types, catering for different markets.
- Streamlined/platform SIPPs offer investors access to a range of standard investments, such as equities, cash, collective investments and bonds, but 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 SIPPs are 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 £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. The two key structures are insured products (provided by insurance companies and established by deed poll) and noninsured products (written under trust).
Expert analysis from a specialist in the field
Written by Richard Shepherd, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
SIPPs have been the standout performers in the broader retirement savings market over the last decade, and the pension reforms introduced in 2015 have further boosted the segment. The flexibility offered by SIPPs makes them an attractive option for consumers looking to take full advantage of pensions freedoms. As a result, growth is expected to continue into the future.
Senior Financial Services Analyst
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