The SIPP Provider Group (SPG) is to lodge a formal response to the Department of Work and Pensions (DWP) following consultation on investment of protected rights, and its proposal to ban self-investment of protected rights within SIPPs.
Francis Moore, secretary of the Sipp Provider Group, says where some schemes with banks or building societies, acting as scheme provider, have been limited to cash deposits, other insurance companies have offered 'private funds' with wider investments, causing an unlevel playing field. Moore says: "We will be calling on the DWP to allow protected rights to be held within a Sipp in one or more dedicated arrangements. We will also call on the DWP to allow investment in professionally managed investments such as unit and investment trusts; insurance company funds; or a discretionary inves...
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