Aberdeen Adviser, provider of one of the UK’s largest adviser platforms by assets, is calling on regulators and policymakers to improve the collection and publication of data on Self-Invested Personal Pensions, after a Freedom of Information (FOI) request to HMRC revealed a significant gap in the UK’s long-term savings data.
As part of a wider programme of research and industry engagement to improve understanding of long-term saving behaviour, Aberdeen Adviser submitted the FOI request to better understand how people are using SIPPs, how contribution patterns are evolving and where these products sit within the broader retirement savings landscape.
The work reflects Aberdeen Adviser’s belief that better data and evidence are essential to developing effective pension policy, building technology solutions with advisers and improving customer outcomes.
HMRC confirmed in its response that it does not hold data identifying SIPPs or Junior SIPPs as distinct categories. Pension providers are not currently required to report this information. As a result, there is no reliable way to track how many SIPPs exist, how they are growing, or how they are being used.
By contrast, detailed ISA data is published annually, covering market values, subscription levels and growth trends. Aberdeen Adviser believes private pension data should meet the same standard.
Last week, the Financial Conduct Authority (FCA) announced a consultation into standards across the SIPP market after citing cases of “weak record keeping”.
The regulator issued a data request to SIPP firms back in July 2024 and has since found that £567bn was held in SIPPs across the UK by 5.3 million investors at that time. It also found that between 2022 and 2024, assets placed in SIPPs have grown by £237bn.
For such a rapidly growing market, consistent, repeatable data that can be broken down by product type, contributions and drawdown is essential for fully informed pension policy.
The Government’s landmark Pensions Commission has set out to tackle pension adequacy. But clear, comprehensive SIPP data, representing an industry worth more than half a trillion pounds in UK pension assets, will be essential to getting that right.
Aberdeen Adviser is therefore calling for three changes. First, mandatory reporting of pension scheme types, including SIPPs and Junior SIPPs. Second, regular publication of product-level statistics covering accounts, contributions and assets. Third, a consistent reporting framework that brings pension data in line with ISA data.
Better data will not fix every challenge in the pensions system. It would, however, give providers, advisers and policymakers a clearer picture of how people are saving and support better long-term outcomes for customers.
“SIPPs are central to how millions of people plan for retirement. Advisers and providers rely on good data to understand how people are saving and to develop products that meet their needs. The current gap makes that much harder.
We think it is time for a more consistent and transparent approach. For a system that places increasing responsibility on individuals to fund their own retirement, reliable data is becoming increasingly essential.
Without a clearer picture of how SIPPs are being used, providers find it harder to design products that reflect real saving behaviour and to identify where people may need more support. Better data would help the whole industry respond more effectively.”
Richard Denning, Chief Executive Officer at Aberdeen Adviser
