sipp business to grow in 2007, say advisers

Advisers in the UK are ready for the predicted boom in Self-Invested Personal Pensions (Sipp) over the coming year, with the average predicting a business boom of around 24 per cent.

A MetLife survey results' optimism is a welcomed contrast to the low contributions seen in 2006.

The average single-premium Sipp business is expected to get up to £75,000 this year, and advisers are very confident forecasting the next 12 months.

MetLife's chief operating officer Paul Shallis said the predictions are very bullish but doesn't feel advisers' predictions are inaccurate.

"Sipps are now mainstream products with estimates of some 150,000 or more plans in force," he explained.

"In the current climate, we believe Sipps should soon become the number one choice for retirement provision."

Sipp providers like Fidelity Investments and Rubicon Wealth Management boast the availability of great tax savings in the plan and the opportunity to invest money in thousands of different fund choices across dozens of companies.

Article taken from Saving For Retirement