View more on these topics

DWP to allow protected rights to be invested in Sipps

The Department for Work and Pensions has confirmed that protected rights funds will be eligible to be invested in Sipps from October.

Hargreaves Lansdown says the news is “potentially catastrophic” for insurance companies as protected rights funds make up around £100bn of the total £440bn in UK personal pensions and it says that to date insurers have enjoyed a virtual monopoly on managing these assets, although it is good news for investors.

Minister for pensions reform Mike O’Brien says: “These changes will give more flexibility and investment choice to people taking an active interest in the management of their pension fund.

“It will also be easier for individuals to transfer funds between different types of pension schemes, and to consolidate pension rights in one place.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “Sipps have already proved hugely popular in the past few years, showing very strong growth at a time when pension provision in general has been declining.

“This development is likely to accelerate demand, as investors will be able to take control of all their retirement savings in one place.”


Insurers avoid a gender blow

Some insurers have been disgruntled with their trade body lately but I would expect the majority to be singing its praises this week, or at least be mildly impressed.

BoE to keep financial waters calm

The Bank of England has a tough road ahead after the Chancellor announced it will be responsible for financial stability, with the FSA in charge of tackling market abuse.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm