Axa Wealth's Family Suntrust has hit £500m in new premiums following the registration of its 600th scheme.
The Family Suntrust enables groups of individuals - families or business partners - to pool their assets and build a pension fund with one common investment strategy.
The family SIPP also enables scheme pension to be taken. Unlike drawdown, the income is based on an actuarial assessment of suitable income levels, considering factors such as health, age and likely investment yields.
Andy Zanelli, head of retirement planning at AXA Wealth, said: With GAD rates, gilt yields and annuity rates continuing to fall, advisers are looking for alternative options or combination of solutions so that people can make the most of their retirement."
Zanelli added: "There is a niche, but important and growing, market for family SIPPs."
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch