Standard Life has announced that the sales of self invested personal pension has attracted 41,700 customers with GBP7.1 billion funds under management in its first three years since its launch in 2004.

The self invested personal pension (SIPP) market has seen year-on-year growth of 83.5% in 2005, 116.7% in 2006 and 58.1% to the end of the third quarter in 2007. A key driver of this growth has been customer aggregation of different pension arrangements into a SIPP, allowing the customer and their adviser to set and review the asset allocation strategy to achieve the customer’s goals from one pension contract.

Trevor Matthews, CEO of UK financial services at Standard Life, said: Our SIPP has been a spectacular success since launch, enjoying first mover advantage as well as providing our customers and advisers with first class service.