Online SIPPs attract younger investors

Research based on James Hay’s SIPP accounts shows online SIPP, or ESIPP, investors have an average age of almost 45, compared to the average traditional SIPP holders at almost 55. The provider, which launched its ESIPP in January 2004, attributes the product's popularity to its average size, which tends to be smaller than that of the traditional SIPP. The provider says the lower charges associated with online SIPPs have made the products feasible to smaller pension portfolio holders. Chris Smeaton, propositions and e-commerce manager at James Hay, says: “We would still advise that inve...