Aberdeen Adviser has called on the Government to make comprehensive data on SIPPs publicly available, amid an ongoing retirement savings challenge.
The firm said the move would provide critical transparency on the SIPP market, allowing individuals and families to make informed decisions about long-term savings for retirement.
Currently, HMRC’s private pension statistics series is the main source of published data but it does not separately identify SIPPs versus other personal pensions.
Aberdeen Adviser said the need for accessible, reliable data on SIPPs is particularly urgent given the broader context of rising living costs, economic uncertainty and increasing concerns over the adequacy of retirement savings. While the Government publishes detailed statistics on ISAs and Junior ISAs, there is no equivalent public data available on SIPPs.
Noel Butwell, CEO of Aberdeen Adviser, said: “A retirement savings challenge is staring us in the face. We need to prioritise long-term, tax-efficient savings solutions. This surely starts with comprehensive, freely available data on the SIPP market.
“In today’s economic environment, it’s more important than ever to ensure that everyone is equipped with the knowledge and tools to build a solid financial future. And that starts with data transparency.”
Aberdeen Adviser said a lack of data around Junior SIPPs has also led to them remaining under the radar compared to Junior ISAs.
Its own analysis of HMRC Annual Savings data shows a surge in Junior ISA subscriptions, with both the number of accounts and total amounts subscribed hitting record highs in the latest available 2023/24 statistics. However, publicly available figures are scarce for Junior SIPPs.
Industry data based on a freedom of information request by Lubbock Fine Wealth Management shows total contributions to Junior SIPPs rose to £79.6 million in the year to April 2023, however, Aberdeen Adviser warned that the lack of publicly available statistics makes it harder for families to assess the full potential of this savings option.
Verona Kenny, chief distribution officer at Aberdeen Adviser, said: “With Junior ISAs, we see a clear picture of the growing demand, thanks to publicly reported data. Yet, Junior SIPPs, an equally important tool in intergenerational wealth planning, remain under the radar.
“If Junior ISAs are seen as important enough to report on publicly, it only makes sense to extend that transparency to Junior SIPPs, enabling families to make better-informed decisions for the financial futures of younger generations.”
The firm has previously called for the Junior SIPP annual allowance to be aligned with that of Junior ISAs to help level the playing field for younger generations and encourage earlier pension savings.
Kenny added: “To encourage long-term savings, we need to level the playing field, both in terms of contribution allowances and data transparency. Bridging the gap between the Junior ISA and Junior SIPP annual allowances would not only help ensure fairness but also provide families with the clarity they need to plan effectively for the future.”
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