Just over a year after it entered the market, sales of Standard Life's Self Invested Personal Pension (SIPP) have passed 10,000, the company reports.
Having been available in the UK since 1989, SIPPs were previously considered the preserve of affluent individuals but due to the widely publicised pensions crisis their popularity has grown rapidly.
As of the turn of the year, Standard Life reported £1.1 billion of investment in its pension schemes, launched in direct competition with other SIPPs already on the market.
Standard Life claims its market research suggested "poor customer service" and "lack of flexibility" were continuing problems with the self-investment plans already on offer, leading them to launch their own version.
Barry O'Dwyer, marketing director of Standard Life, explained: "To put in place more than 10,000 SIPPs in little over a year is, we believe, a remarkable achievement.
"This clearly shows there was a built up demand in the market for a new SIPP," he continued. "Particularly one that benefited from fresh thinking, innovative features and strong customer service."
With A-Day set to bring further benefits and investment options on April 6th 2006, Mr O'Dwyer also suggested that the popularity of the formerly "specialist product" was set to grow even further towards the mainstream, "[bringing] the advantages of SIPPs to the fore".To read more about SIPPs, click here.
© Adfero Ltd