Suffolk Life has launched a trust-based MasterSIPP enabling its customers to self-invest protected rights money alongside non-protected rights for the first time.
Current legislation only allows life companies to run SIPPs including non-protected and protected rights (pension funds built up from National Insurance rebates when contracting-out of the state second pension). However, Suffolk Life has side-stepped the restrictions as it holds a life company within its group, Suffolk Life Annuities. The provider estimates the value of the protected rights market at about £100bn with the bulk of funds invested in insurance company funds. However, research from Suffolk Life shows up to 50% of new SIPP business has attached protected rights and 60% of advis...
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