New concurrency rules leads to boost in SIPP business

A poll conducted with advisers by Fidelity FundsNetwork, the UK’s fastest growing SIPP provider, has revealed that changes concerning concurrency since A-Day has led to an increase in SIPP business.

The FundsNetwork poll shows the impact the new concurrency rules have had for advisers, with more than half (56 per cent) saying they believe the changes have led to an increase in the sale of SIPPs. A quarter of those advisers (25 per cent) felt that the new rules have significantly contributed to new SIPP business.

Prior to A-Day members of occupational schemes had limited opportunities to invest outside of their employer’s scheme. Since A-Day, the new concurrency rules now mean that these people have the opportunity to invest in a SIPP to boost their retirement savings and diversify their investment exposure.

Rob Fisher, Head of Sales & Marketing, Fidelity FundsNetwork comments: “The new concurrency rules mean that advisers can now help their clients plan for their retirement even more effectively. There is now more choice for advisers looking to invest their clients’ savings and we are seeing an increase in SIPP business as more and more take advantage of the changes. Being able to invest in a SIPP as well as keep up regular contributions to an occupational scheme also allows advisers to adopt different asset types via the SIPP to make their clients’ savings work harder for them and diversify risk.”

Rob Fisher continues: “This poll gives us a snap shot of how beneficial the changes to concurrency rules have been for both investors and advisers. It also shows the growth in the popularity of SIPPs amongst investors as they become positioned as more mainstream savings vehicles for retirement.”