Sipps consultation welcomed

20 December 2007 / by None
Consulting, outsourcing and investment services company Mercer has welcomed the self-invested personal pension (Sipp) consultation announced by the Department for Work and Pensions.

Draft regulations propose to allow Sipps to hold protected rights, which could give people more freedom to choose where to invest their pension savings.

Principal of Marsh & McLennan-owned Mercer, Roger Breeden, said that the company supported any proposal which encouraged investors and financial advisers to be "more active" with pensions.

"Many protected rights funds are held in old-style investments, such as with-profits funds," he added.

"Employers can play their part by ensuring employees get the right support," he added.

Minister for pensions reform Mike O'Brien suggested restrictions could prove unecessary in light of Sipp regulation now coming under the Financial Services Authority.

He added the de-restriction could make it easier to transfer funds between schemes.

The consultation will remain open until the end of February.

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