Some of you will have read my monthly column in Professional Adviser. Over the past few months I have been penning short and long answers to some of the topical issues relating to the world of SIPPs.
There is no doubt that the SIPP market is a hot topic at the moment. We have recently seen SIPPs become regulated products, A Day has made SIPPs pretty much the pension of choice and we have SIPPs that look like SIPPs and SIPPs that don't. Add to this regulatory scrutiny of the transfers market, which is a key driver for SIPPs, the FSA's most recent review of small SIPP operators, question marks over the financial strength of some SIPP firms and questions around transparency of charges etc and I could be writing articles for the next 2/3 years! That's why we've started Chinn Wag. Not my choice of title by the way!
Chinn Wag is intended as a ‘conversation' around SIPPs - where you can share insight and opinion with me and other advisers around this rapidly growing market opinion. It's not designed as a technical advisory forum, primarily because other people can do that stuff much better than me. Chinn Wag should provide the opportunity to discuss, challenge and learn about the SIPP market - all from the comfort of your own PC via the highly regarded web site - so go on get blogging!
To get you started I've added a little bit about me and my experience in this market and summarised some of my views from the last 8 months worth of my ‘Long and Short of SIPPs column'. As a starter for 10, why not add some comments about your views on SIPPs - a ‘must have' pension product or just another irrelevance in terms of today's pensions market? Once your post is up I'll let you have my thoughts within 48 hours. So let's set some Chinn's Wagging now!
Please note the usual disclaimer to the effect that the views I express are my own personal opinions and may not necessarily reflect those of LV=.
I've been in the industry for over 20 years now. A large part of this time was spent with National Mutual - one of the companies who pioneered the SIPP market and particularly the use of SIPPs under drawdown. 20 years on I find myself working for the same company, although it has changed names a few times, but it's now LV= and I'm Head of Pensions. I'm still amused by some of the debates around SIPP, deferred SIPP, low cost SIPP, no cost SIPP etc. and find myself more and more trying to look at this ‘thing' from a customer perspective - which kind of fits with my marketing background. Taking this step back really does make me wonder about the relevance of the name SIPP and even the concept of pensions - but I'll happily share my views and challenge yours via this blog.
Finally - before anyone makes the smart comment - no my wife isn't a WAG!
Long and short
Over the past 6 months I've covered topics such as -
Technology and SIPPs - in terms of not having one without the other,
Transparency - or in the case of a 2 page fee menu, lack of it,
Projections - is there any hope for customers to ever understand these - if they get one in the first place,
Investment breadth - ‘yes, this plan would be best as I have a pipe dream in 20 years that I may want to own a villa in Portugal via my SIPP that I'm just starting now with £50 a month.'
Each month this blog will link to the latest article which will set the ‘agenda' for our conversations - but don't be afraid of going off piste if you think it is relevant.
The next article is my job for the weekend, with suitable inspiration from a bottle of Merlot!
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