A recent poll conducted with advisers by Fidelity FundsNetwork, a provider of self-invested personal pension, has revealed that changes concerning concurrency since A-Day has led to an increase in SIPP businesses.
The FundsNetwork poll showed the impact of the new concurrency rules have had for advisers, with more than half saying they believe the changes have led to an increase in the sale of self-invested personal pensions (SIPPs). A quarter of those advisers felt that the new rules have significantly contributed to new SIPP business.
Prior to A-Day members of occupational schemes had limited opportunities to invest outside of their employer’s scheme. Since A-Day, the new concurrency rules now mean that these people have the opportunity to invest in a SIPP to boost their retirement savings and diversify their investment exposure.
Rob Fisher, head of sales and marketing at Fidelity FundsNetwork, said: The new concurrency rules mean that advisers can now help their clients plan for their retirement even more effectively. There is now more choice for advisers looking to invest their clients’ savings and we are seeing an increase in SIPP business as more and more take advantage of the changes. Being able to invest in a SIPP as well as keep up regular contributions to an occupational scheme also allows advisers to adopt different asset types via the SIPP to make their clients’ savings work harder for them and diversify risk.