New research reveals that thousands of investors believe they were misled by the Government over changes to the qualifying assets for Self Invested Personal Pensions (SIPPs) *. According to Brewin Dolphin Securities, which commissioned the research, 15% of the estimated 85,000 current SIPP investors ** took out a plan on the basis that they would be able to include so-called ‘exotic assets' such as residential property, fine wines or art.

1 March 2006

Despite the fallout from the Government's u-turn in December last year, the research shows that demand for SIPPs has remained strong. 17% of these investors expressed interest in taking out a SIPP and nearly half of them (8%) are no less interested following the ban on exotic investments.

Brewin Dolphin believes the Government's failure to address the pension crisis is driving increasing numbers of investors to seek their own solutions to meet their retirement needs. To assist investors, Brewin Dolphin has launched a SIPP that offers policyholders an unrivalled breadth of expertise under one roof.

Investors can benefit from access to its nationwide team of professional pension consultants, the investment management capabilities of its Discretionary Portfolio Management service and an administrative framework provided by Suffolk Life, an award winning provider and administrator of specialist pension products.

Charlotte Black, Marketing Director, Brewin Dolphin Securities said,

"Expectations have been falsely raised by the Government's chatter about exotic asset classes being eligible for SIPPs. Rather than a serious attempt to address the pension crisis, the original proposals amounted to little more than a publicity-seeking ruse that has backfired. Members of many private sector pensions are facing a catastrophe and it is little surprise that confidence in the Government's ability to deal with this continues to fall."

"Concern over a future stable framework for retirement planning has led many investors to seek a solution that allows them to take personal control of the situation. The attractions of a SIPP have become increasingly compelling, investors value the ability to tailor their pension arrangements to suit their own needs, providing them with more flexibility and control over financial planning than ever before. Our SIPP offers clients access to our long standing pension and investment expertise as well as a highly competitive charging structure."

About the Brewin Dolphin SIPP
SIPP investors will have access to Brewin Dolphin's Discretionary Portfolio Management service, which will create a balanced portfolio across a range of assets including equities, bonds and cash, based on detailed understanding of each client's individual circumstances and objectives. The company's nationwide network of pension consultants can steer clients through the complexities of pensions legislation and help to clarify the aims and objectives of their pension fund.

Brewin Dolphin's SIPP partner, Suffolk Life, has an excellent reputation and more than 5,500 SIPP policies under administration, with funds invested of more than £1 billion. It has regularly been voted the best SIPP product provider ***.

To transfer to a Brewin Dolphin SIPP investors must have a fund value of a minimum of £200,000. The Brewin Dolphin SIPP has been structured to be one of the most competitive in the market. There is an annual charge of £1.5% of the pension fund and less for funds in excess of £1 million. This covers the full service of administration, advice and fund management.

* TNS was commissioned to conduct research via OnlineBus between 31 January - 2 nd February 2006 with a representative sample of 1,498 GB adults aged 16+.
** TrustNet, the UK fund information specialist, estimates that the number of SIPPs will rise from 85,000 today to 500,000 in 2008.
*** Best SIPP product award as voted for by Moneyfacts readers and 'Best buy' – Investors Chronicle buyers guide to SIPPs (May 2005)