General public 'unaware of Sipps flexibility'
The general public in the UK are unaware of the potential flexibility offered by self-invested personal pensions (Sipps), it has been claimed.
An analyst at Hargreaves Lansdown states that the plans are a "fantastic" means of providing funds for retirement, arguing that they are widely and innacurately seen as simple pensions and not investments in their own right.
Meera Patel said: "With Sipps, like most pensions, you can actually buy and sell within the portfolio.
"If you realise that the investment isn't right for you, you can sell it and buy another one within the same wrapper."
She added that this aspect of Sipps required more promotion to make the general public more aware of their potential flexibility.
Last month, independent financial data collection firm Defaqto argued that the pensions industry should use modernised terminology to improve the standing of pensions in the public eye.
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