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Catch up with the latest press releases from LV=

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Sipp take up increases as advisers capitalise on extra freedom

Press release: 18/04/2008

New survey reveals increased IFA take up post A-Day


Research by the LV= flexible retirement solutions business* has revealed that more financial advisers than ever are using the freedom that Self Invested Personal Pensions (SIPPs) allow their clients post A-Day.

Two years on from Pensions Simplification, and a year after SIPPs became a regulated product, the survey conducted amongst 250 financial advisers** highlights the increased take up of SIPPs.




Ray Chinn, Head of Pensions at LV=, comments on the surge in SIPP sales following pension simplification: "It is certainly encouraging to see an increase in the interest in SIPPs shown by advisers, especially as there had been some concerns that not enough advisers were exploring the SIPP options with their clients. The legislative changes post A-Day and the increased confidence of SIPPs being a regulated product have made them more appealing, and they certainly seem to be ‘the new black' at the moment. Where once SIPPs were thought of as niche products, they have now taken centre stage."

"It is important to stress that SIPPs are not suitable for all clients. The interest in them is good news for pension planning in general, but advisers must ensure suitability of the product. In many cases, however, SIPPs can provide a flexible and low-cost option to allow clients to hold pension funds. All financial advisers should be exploring SIPPs as a real alternative. Some of the ‘packaged SIPP products' – linked to investment platforms or offering easy access to Discretionary Management services – can work particularly well in terms of providing investment flexibility while keeping costs down."




For more information about the SIPP products available from LV=, including its five star rated discretionary SIPP*** visit www.lvadviser.co.uk




* LV= launched its flexible retirement solutions business in January 2008, following the successful completion of the acquisition of the new business operations of Tomorrow (formerly GE Life) from Swiss Re, on 31 December 2007.

** Research conducted by IQ Research Ltd amongst 250 IFAs throughout October and November 2007.

*** LV= has been awarded a five star rating for its Discretionary SIPP by Defaqto, with effect from 1st February. The rating acknowledges the quality of the product offered by the fast-growing life and pensions provider and this is echoed by the impressive level of sales achieved in the last 12 months.