Sales of self-invested personal pensions (Sipps) reached nearly 900,000 in 2022, according to Financial Conduct Authority (FCA) data analysed by consultancy firm Broadstone.
After sales fell to 740,410 in 2020, they increased by 15% to 862,019 in 2021. This was followed by a further 5% increase to 895,137 in 2022, the highest annual total Sipp sale since 2018.
Damon Hopkins, head of DC workplace savings at Broadstone said: “The growth in sales of self-invested personal pensions suggests that savers are becoming increasingly confident in managing their own finances particularly given the rocky macro-economic environment we are experiencing.
“Greater engagement and participation in pension savings is ultimately what all industry stakeholders are aiming to achieve, so these examples of green shoots are encouraging.
“However, the challenge of achieving retirement adequacy through defined contribution across the entire population remains a very significant one.”