MORE than a third (36pc) of advisers who advise on or administer SIPP/SSAS pension funds believe they are not getting the best rate of return on their clients' cash held in these funds, according to research conducted for Investec Private Bank.
The survey of pension advisers, managers and trustees also revealed that 32pc of these advisers were unaware of the rate of interest they received for their clients' cash in these funds. A third of those who advise on or administer SIPP/SSAS pension funds said their clients earned a rate of interest below 6pc on the cash deposited in the fund, despite more competitive rates being available. And, almost two in five (38pc) cited the administrative burden of moving cash between accounts as the main reason for not switching to an alternative paying a higher rate of interest. The survey al...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
