SIPP transfers to 'soar' in protected rights rush

The platform expects this year's SIPP season, when investors transfer money into their SIPPs before the new tax year, to be one of the biggest on record. FundsNetwork claims one in four SIPPs on its platform contain protected rights cash, with an average value of £26,000. FundsNetwork believes as many as a third of investors with protected rights will transfer them into a SIPP following the introduction of new legislation on 1 October 2008. The platform saw a major upturn in SIPP use during 2008, with applications up 64% and assets under administration up 23%. FundsNetwork attributes...