All UK commercial property should be classed as a non-standard asset in a self-invested personal pension (SIPP) due to the uncertainty that exists around transfers, according to Suffolk Life.
The provider made the comments following the Financial Conduct Authority (FCA) announcement that it had changed its mind on the definition of commercial property in its finalised SIPP capital adequacy policy statement. Its original consultation controversially planned to put commercial property into the non-standard asset list to the consternation of certain parts of the SIPP industry. However, Suffolk Life thinks commercial property should not be seen as a standard investment. Head of marketing and proposition Greg Kingston highlighted a section in the policy paper, which states: ...
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