Sipp transfers soar 115% since pension freedoms

"My understanding is that Sipp companies are more careful about this area now and at least two of the latest I have seen involved clients opening a limited company then a Ssas in order to avoid regulation."

He said the kind of Sipps that allow non-standard investments were not appropriate for most investors.

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"I have no doubt that the vast majority of clients do not need a full Sipp; my expectation would be over 95 per cent would at best need a wrap, or traditional “insured” product akin to, say, the Prudential Flexible Retirement Plan," he said.