Oct 2 2008
Consumers concerned about current economic uncertainties have been advised to consider putting money into insured self-invested personal pension (Sipp) plans.
According to Friends Provident, such products offer protection to people with "top level" compensation.
Jeremy Ward, head of pensions marketing at the firm, said: "In some scheme types, the level of compensation which could be paid to the investor should the pension provider or operator collapse is far lower than that afforded to investors via an insured Sipp."
He added that, with such a product, investors are protected by the Financial Services Compensation Scheme, which covers up to 90 per cent of the assets in the scheme with no upper limit.
In other news which may be of relevance to consumers looking to save for their retirement, the Investment Management Association recently called for the limits on individual savings accounts to be increased in order to encourage "wise management" of retirement income.
