The managing director of provider Liberty Sipp said: “These are the most flexible form of pension and we are seeing a surge in demand from people approaching, or at, the age of 55.
“It shows that many plan to make use of new-found freedoms.”
Mr Fox added that the average age of an investor switching into a Sipp appears to have risen following government changes.
Analysing the Liberty Sipp’s own database, people in their 50s accounted for one-third of all applications in Q2 2014.
In the three months since the chancellor unveiled a relaxation in pension rules, the average age of people opening a pension with Liberty Sipp rose to 52. This was four years older than the average age of applicants during the same period in both 2013 and 2012.
The figures reveal that from April to June 2014, the average age of new Liberty Sipp customers was 52.4, compared to 48.5 in Q2 2013 and 48.4 in Q2 2012.
Adviser view
James Garman, an adviser with Retirement Specialist in Nottingham, said: “We have not noticed any change in the age of clients looking for advice on or looking to switch their funds into a Sipp since the Budget changes were announced.”
