UK advisers are registering a significant increase in the number of recommendations they’re making to transfer clients’ pensions into wraps.
Data from technology provider Selectapension suggests that there has been a 71% increase in adviser analyses of retirement savings to wraps over the past 12 months – indicating the product is becoming more mainstream as advisers and clients see the benefits of managing investments in one place.
Yes, we said 71%. In 2013, 28.89% of 61094 pension schemes (or 17650 in all) were transferred to Wraps, compared with 10345 (19.63% of 52,702 pensions schemes) in 2012. And if that doesn’t impress you, consider the 109% increase recorded in the total amount of money analysed for transfer into Wraps by advisers in the past year – up to £1,465,460,366 in 2013 from £700,605,277 in 2012.
Despite this surge, hybrid SIPPs still remain the key pension choice for the majority of advisers’ clients. Selectapension data shows that 47% of advisers chose hybrid SIPPs in 2013, down from 54% in 2012.
The data also reveals that there has been a slight fall in advisers recommending personal pensions for their clients – perhaps due to the introduction of auto-enrolment?
Further details on Selectapension from Kate Mallett or Niall Moran at Teamspirit Public Relations on 020 7360 7877 or email Selectapension@teamspiritpr.com
