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26% of advisers use SIPP as business succession planning tool

19 November 2015

 

A poll of financial advisers carried out by Xafinity following their webinar on ‘SIPPs and commercial property’, reveals that 26% of respondents already use a SIPP as a business succession planning tool, and this number is likely to grow significantly.

 

The research amongst 130 specialist pension advisers reported that the overwhelming majority would now consider using a SIPP as a business succession planning tool with 14% extremely likely to; 51% likely to; and just 8% unlikely to do so.

 

When asked if advisers would consider recommending an in specie property contribution to a SIPP for a client 43% said “yes, when the situation arises they would be confident that they could recommend this”; 55% said “perhaps, but that they would need SIPP provider support” and just 2% said “no, they were unlikely to ever recommend this”.

 

Jeff Steedman, from Xafinity, said: 'Every day we are approached by financial advisers asking about putting commercial properties into SIPPs, so clearly there is an appetite out there for the product.  

 

In specie transfers is another topic that advisers want to find out more about and this seems to be driven by a growing dissatisfaction with their existing SIPP providers.  My general observation, though, is that many advisers still lack complete confidence in recommending SIPPs.  The same is also true of SSAS. Much of this is due to not having the comprehensive knowledge that they do of some simpler pension products.  This is why Xafinity remains committed to providing training and support to advisers through face-to-face, phone, and interactive webinar media.'

 

ENDS

 

 

For more information:

 

Charlotte West

Xafinity

T: 020 3725 7024

E: charlotte.west@xafinity.com

 

Vaughan Andrewartha

Votive Communications

T: 0207 248 6058

E: vaughan@votive.co.uk