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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Sipps dubbed a ‘Self-Ignored Personal Pension’

Less than one in three consumers who have Self Invested Personal Pensions (Sipps) have argued that they feel equipped to manage them properly, according to research by Investec Wealth & Investment.

This lack of expertise may mean that investors are failing to achieve the maximum returns from their Sipps, with more than a third (37%) admitting that they aren’t able to carve out enough time to dedicate to managing their DIY pensions.

Chris Aitken, spokesperson for Investec Wealth & Investment, said: “Managing a Sipp properly requires time, expertise and a strong understanding of market risk and appropriate set allocation. Unfortunately, for many people this is simply too difficult. We’d advise anyone who is concerned about having a ‘Self-Ignored Personal Pension’ to take professional advice.”

Just under half (45%) of those who are self-managing their Sipps stated that they had a full grasp of their providers charging structures. A further 15% argued that they were likely to employ the services of investment professional to manage their Sipp within the next 12 months.

Mr Aitken added: “This is a poor reflection of some Sipp providers and it’s also a call to action for investors to better understand what they are paying for, and whether or not their current plan represents good value and is the right product for them. Many Self ‘Ignored’ Personal Pension holders probably don’t fully understand the flexibility and power that a Sipp can provide.”

Sipp alternatives include company pension schemes, cheaper stakeholder or personal pension plans, as these may require less monitoring of holdings as well as offering potential cost savings.

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