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The firm said that businesses have invested protected rights in insured funds, bank deposits or mutual funds such as Oeics and circumvented the self-investment restrictions by creating a member directed insured fund, but that the changes would allow complete freedom to invest directly, for example into UK equities.

In a statement it said: “This development makes the argument for consolidation pension arrangements even more compelling. It is a great opportunity for individuals to have more investment choice and gives them the chance to bring all their separate arrangements into one more manageable pension plan with the added potential of reducing overall costs.

“For those individuals who already benefit from having their pension arrangements fully self- invested, this provides for all their pension assets to come under the same roof.”

Brewin Dolphin said that while the existing Sipp provider must obtain appropriate personal pension status before they may accept protected rights funds, they expected that most existing Sipp providers would already have made application for appropriate status before the changes came into effect.

It added that while the changes have generated interesting points to consider, that it would recommend individuals seek specialist financial advice before deciding to transfer any of their pension pots.