Martin Bamford, a chartered financial planner and managing director of Informed Choice, said: "The majority of retail investors simply don’t need a Sipp anymore.
"Instead of incurring the charges associated with a Sipp, you can use a platform personal pension which offers access to a range of investment funds, ETFs and investment trusts.
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"It’s only investors with sophisticated needs, including the relatively small number who want to invest in commercial property through their pension pot, that truly need a Sipp.
"I wouldn’t personally be so bullish about the future of the Sipp market, as platforms and technology related development look set to eat the Sipp provider’s lunch."
maria.espadinha@ft.com
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