Skandia: SIPPs in danger of being used unnecessarily

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SIPP investors who have the vast majority of their assets held in Unit Trusts or OEICs may be better off using a platform pension due to cost, says Skandia.

According to the group's recent Adviser Barometer, one in four people who invest in a SIPP have 90% or more of their assets held in either a Unit Trust or OEIC. With the charging structure of a SIPP generally more expensive than a platform pension, Skandia questions whether SIPP is suitable for investors who do not engage with a wide range of investments. Nick Dixon, marketing director at Skandia said: "There is a danger that many SIPP customers are in the wrong product." In addition, half (46%) of advisers believe that just one in ten or less of their customers would be better off wi...

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