Pensions  

Suffolk Life assets hit £7bn

Suffolk Life has surpassed £7bn assets, marking a period of rapid growth from October 2013 when the business reached £6bn.

The business has experienced “strong growth” in commercial property business, now managing properties for more than 5,000 self invested personal pension investors, as well as “continued strong demand” for discretionary managed business into its single investment manager SimSipp.

Although too early for a firm trend, business levels into Cofunds Pension Account have also “markedly increased” following Cofunds’ recent announcement of a re-price, according to Greg Kingston, head of marketing and proposition for Suffolk Life.

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Mr Kingston said: “As well as continued demand for new property acquisitions we are experiencing a sharp increase in enquiries for transfers of property business from other Sipp providers.

“Those are mostly driven by a desire to escape from poor service levels however all too many transfers still fall through due to the higher exit costs levied by the ceding schemes.”

“Investors continue to seek out good rates for relatively short term cash deposits for parts of their Sipp funds, and the majority of these continue to invest amounts at or below the Financial Services Compensation Scheme] compensation limit of £85,000.

“There is also a downward trend away from more esoteric asset types of asset, a trend that we expect to continue.”