A report detailing adviser concerns around preparedness for capital adequacy has led to calls from industry experts for a redefinition of the self-invested personal pension (SIPP) that better reflects trends in the market.
A report from Momentum Pensions, which questioned 101 financial advisers, found that 45% of specialist retirement advisers are concerned that their SIPP providers will not be able to meet the requirements. The rules, to be implemented in five months' time, state that the minimum capital holding needed to trade in SIPPs is £20,000 and providers will be required to set aside further funds depending on the volume of non-standard assets. The report is likely to be referring to the sort of non-standard SIPPs traditionally bought off-platform from specialist boutique advisers, but if it is ...
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