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Protected rights help boost Suffolk Sipps

Suffolk Life saw a record number of new Sipp applications in the first quarter of this year.

The Sipp provider, which was bought earlier this year by Legal & General for £62m, says that strong sales of its new MasterSipp product contributed to a 10 per cent rise in Sipp applications compared with the first quarter of 2007.

There were over 850 new applications in the first quarter, including self-invested fund business, which the company administers on behalf of its insurance company business partners Over a third of the new MasterSipp applications included protected rights.

Director of sales and marketing John Moret says: “We had an exceptionally strong first quarter in 2007, which marked the end of the first year after pension simplification, and are very pleased to see that the number of new applications this year exceeded that level.

“This appears to buck the trend reported by some other Sipp providers. Although there was increased activity in property-related Sipps as a result of the capital gains tax changes, we put most of this sustained growth down to the continuing appeal of our MasterSipp and the ability to self-invest protected rights.

“Given the continuing uncertainty over the general availability of self-investment of protected rights while we await the Department for Work and Pensions’ response to their consultation document there seems to be no reason for advisers to delay reviewing their clients’ protected rights holdings, particularly now that the end of the tax year is out of the way.”



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