Since their introduction one year ago, uptake of Sipps has more than doubled, but fewer than half the pensions advisers consulted in a Fidelity study believe that customers know enough about Sipps.

So-called ‘A-Day’ in 2006 raised the upper limits on contributions pension holders can pay into their funds and increased flexibility around paying in smaller sums as their income gradually lessens.

“Previous disincentives have largely been addressed post A-Day with improved contribution limits and enhanced flexibility,” commented David Dalton-Brown, head of FundsNetwork.

But although 34 per cent of advisers reported that their clients became eager to discover more once they were told of the advantages of a Sipp fund, Fidelity FundsNetwork believes “the mass affluent” still need better advice.

Higher-rate tax payers who stand to profit from Sipp investment number around 3.25 million in the UK, the network estimates.

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