Sipps changes welcomed

11 December 2007 / by None
Proposed changes to self-invested personal pensions (Sipps) from the government have been welcomed by members of the financial services industry.

Standard Life Assurance has expressed its support for changes that will allow protected rights funds to be self-invested in the future, facilitating direct investment into shares and commercial property.

The government has launched a consultation paper on this issue that will run until the end of February 2008.

Andrew Tully, marketing technical manager at Standard Life Assurance, said: "These changes are excellent news and will give people greater control of their retirement savings."

He added that between £75 billion and £100 billion is currently locked into protected rights, with much of this money to be invested in Sipps following these changes.

The Department of Work and Pensions claims that these draft regulations to remove an unnecessary restriction on Sipp schemes will give individuals greater freedom to choose where they put their retirement savings.

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