Group Sipp take-up soars

Take-up of group Sipps has almost doubled in the last two years according to figures from Defaqto. In 2009 group Sipps made up 23 per cent of group pension recommendations amongst a sample of 500 IFAs, up from 14 per cent in 2007 and 15 per cent in 2008. GPP recommendations
constituted 62 per cent of recommendations last year, up 50 per cent from 2007, according to the research company’s Retirement Savings & Income report 2009.

The report says when it comes to product structure, the corporate/group market tends to trail the individual pension market by a couple of years.

Matt Ward, principal consultant for pensions and wealth management at Defaqto says: “Buoyed by enthusiasm for individual Sipps, an interest in staff share save schemes and high profile employer adoption of group Sipps, there has been an associated increase in activity from providers.”