The future is bright for the self-invested personal pensions market as online investing booms, the new stakeholder system begins and the trend moves towards defined contribution pension provision, writes Mike Morrison
In the 1989 Budget, the then Chancellor of the Exchequer Nigel Lawson announced that he wanted to make it easier for individuals to manage their own personal pension funds. The result was Joint Office Memorandum 101 in 1989 and the development of Sipps (self-invested personal pensions). Memorandum 101 set out a list of investments in which personal pensions could invest and allows investment portfolios to be set up that are tailored to an individual's needs. Investment flexibility with a wide range of permitted investments has been key to the success of Sipps. This has been clarified by ...
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