New SIPPs Sales in UK Projected to Reach 1.4 Million in 2022, According to a Research Study

A new research study offering insights on the performance of SIPPS in the UK has been added to the comprehensive repository of Market Research Hub (MRH). The report is a valuable source of information for stakeholders looking to gain a detailed understanding of the factors that are governing subscription to SIPPS in the UK market. The report titled “Sipps - UK - December 2017” gives readers an unbiased analysis on how SIPPS are becoming the most preferred performers in the broader retirement savings market.

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According to the report, the value of SIPPS has grown by nearly 42% in the last year, with net sales forecast projecting total units to reach 1.4 million by 2022. A key aspect of the UK SIPPS market is that nearly four-fifths of SIPPS are sold without any financial advice. The leading players in the UK SIPPS market are Standard Life and AUA. The report offers information, including market share and qualitative analysis on the five top SIPP companies in the UK.
The report covers important influencing factors that consumers have in mind while choosing a SIPP provider. The report estimates that nearly half of the consumers in the UK have consulted a financial advisor before settling on a SIPP, whereas two-thirds have been committed to making optimum contribution levels to SIPP.

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As per the findings of the report, online channels are the widely used channels for accessing SIPPs by consumers. There is an increasing tendency among consumers in UK to access information pertaining to SIPPS through online channels rather than having a face-to-face interaction. The key market drivers that are responsible for increasing subscription to SIPPS is the formidable returns offered by them. As auto-enrolment has now been fully rolled out, there has been no joy for savers in this market. The market continues to be influenced by acquisitions, and there has been substantial investment towards digital developments.

Stocks and shares remain the most commonly traded products in the SIPPS. The risk and reward is particularly pronounced in SIPPS, and many consumers are often in a dilemma about the investment strategy they should opt for. The aversion to risk grows with age, and many elderly consumers are more content with gaining a stable return rather than risking their portfolio. Transparency in the details and expected returns is an important factor that consumers think of while choosing an SIPP provider. According to the report, high earners in the SIPPS market in the UK have acted more bullishly, and nearly 50% are expected to maintain their contributions in SIPPS during the assessment period.

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This release was published on openPR.