The government's recent reform on pensions has led to an increase in the uptake of self-invested pension plans (Sipp), according to figures from Fidelity FundsNetwork.
Pensions A-Day, when the government revealed its white paper to reform the industry, has led to many UK residents considering their financial options, in order to prepare themselves for reaching retirement.
The new proposals involve restoring a link to earnings, in order to provide a larger income for those reliant on the state pension, although the retirement age will be raised to 68 in order to compensate.
An increase in the take-up for self-invested pension plans indicates that more advisers and clients are keen to take advantage of the investment platform, claim Fidelity FundsNetwork.
David Dalton-Brown, head of the company, said: "Asset allocation has never been more important in retirement planning, so we are pleased to note that advisers are spreading funds across a broad range of property, bond and income-generating funds, as well as equity funds."
Many UK residents are looking at alternative investments to augment their pensions, such as property and savings accounts.
Pensions A-Day sparks Sipp boom
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Pensions A-Day sparks Sipp boom
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