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Survey ‘reinforces view of Sipps as mainstream plan’

Portfolio manager Brewin Dolphin claims one-third of people in the UK have already invested in self-invested personal pensions or are considering doing so.

However, its research also reveals that over half of people are still oblivious to the existence of Sipps.

Brewin Dolphin says its study reinforces market predictions that Sipps, once the preserve of high-net-worth clients, will become a mainstream product after A-Day.

But despite growing popularity of Sipps, it says 54 per cent of the 1,017 people surv- eyed were unaware of the plans.

Head of financial services Sandy Bryson says: “It is encoura- ging that there is so much interest in Sipps ahead of A-Day next April, which will be a catalyst in transforming this product into a mainstream retirement planning vehicle. The growth of Sipps casts a rare shaft of light on what is otherwise a bleak pension landscape.”

But Innes Reid Investments senior adviser Jim Turner says: “I would not expect low earners to know about Sipps and would never advise them to invest in one.”

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