There are now more than 200,000 registered SIPP (Self Invested Pension Plans) in the United Kingdom but it appears demand for the product has only just scratched the surface of the potential size of the market.

CoreData Research, the UK research arm of brandmanagement has just completed a study of more than 1,000 British mass affluent investors.

While the growth of SIPPs has been spectacular over the past 18 months, the research reveals two interesting facts, the first is the growth in SIPPs is coming from wealthier individuals aggregating other pensions into a SIPP.

Largely it seems, this is to avoid the penalties of not being in a SIPP when you die, although this means the amount of actual new money coming into the market from SIPPs is relatively small.

The second somewhat chilling fact for companies launching or currently marketing SIPPs is despite all the publicity and advertising only 40 per cent of the available market has actually even heard of a SIPP or a self invested pension.

On the upside this means that the potential market for this product remains very large, while on the downside the message doesn’t appear to be getting through.

Broadly the mass affluent in the UK is defined as those people in the UK who have liquid assets of between £30,000 and £250,000 and represent about 10.1% of the UK’s 60 million people.

In essence this means that there are about 6 million people in the UK who have the potential appetite for a SIPP.

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