Sales of self-invested personal pensions (SIPPs) recorded a second consecutive year of growth, according to Broadstone’s analysis of Financial Conduct Authority (FCA) data.
After falling to 740,410 in 2020, the research found that sales increased by 15% to 852,019 in 2021 and then by a further 5% annualised to reach 895,137 in 2022. This follows a downturn of SIPP sales during the pandemic, Broadstone noted. This latest figure marks the highest annual total of SIPP sales since 2018 when 947,900 were sold. On a quarterly basis, Q1 2022 saw 240,903 SIPP sales - the highest total since Q4 2018 (240,940). Head of defined contribution workplace savings Damon Hopkins said: "For pension savers with the time and know-how to navigate the world of inves...
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
