Sales of self-invested personal pensions (SIPPS) at James Hay in the first half of the year were up significantly but profits and revenues were down.
James Hay Partnership H1 SIPP sales reached 2,600 - this exceeded the full year sales for 2012. Its total SIPP book now stands at 38,392 pensions under administration. However, the results said profits and revenue had been hit by the Retail Distribution Review (RDR). James Hay Partnership adjusted operating profits of £3.4m were down from £4.7m in the first half of last year. The results said: "The effects of attrition, new business lag and the once-off loss of income under RDR had an adverse impact. The effects of attrition on the legacy James Hay book and the lag effect of new SIPP ...
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