Average SIPP grows to £430,000

Neil Marsh, managing director of Hornbuckle Mitchell, estimates the average SIPP size five years ago was about £200,000. Marsh told IFAonline that since A-day Hornbuckle Mitchell has seen more than 135 contributions bigger than £100,000. The group has seen SIPP contributions increase by 1,130% in April 2007, when SIPP contributions reached a total of £22.2m, from £1.8m in April the previous year. This rapid increase in assets held in SIPPs means advisers must focus on the most efficient ways of taking an income from pension funds in retirement, the company says. Hornbuckle Mitchell say...