There is a significant gap in HMRC’s collection of long-term savings data, Aberdeen Adviser has warned.
HMRC does not currently hold data identifying SIPPs or Junior SIPPs as distinct categories, meaning there is no reliable way to track how many SIPPs exist, how they are growing or how they are being used.
Aberdeen Adviser has called on HMRC to collect data on private pensions to the same standard as it does on ISAs. HMRC published annual data on ISAs covering market values, subscription levels and growth trends.
It has called for mandatory reporting of pension scheme types (including SIPPs and Junior SIPPs), the regular publication of product-level statistics covering accounts, contributions and assets, and a consistent reporting framework that brings pension data in line with ISA data.
The FCA issued a data request to SIPP firms back in July 2024 and has since found that £567bn was held in SIPPs across 5.3m investors. It also found that between 2022 and 2024, assets placed in SIPPs grew by £237bn.
It said most SIPP providers were already doing the right thing and providing a good service to their customers. However, the FCA has historically found cases of poor due diligence, weak record keeping and gaps in how firms protect money and assets. It said it hoped the new standards would drive greater consistency.
Aberdeen Adviser said the collection of SIPP data would be essential to the Government’s Pensions Commission in its work to tackle pension adequacy, as well as giving providers and advisers a clearer picture of how people are saving.
Richard Denning, CEO at Aberdeen Adviser, said: "SIPPs are central to how millions of people plan for retirement. Advisers and providers rely on good data to understand how people are saving and to develop products that meet their needs. The current gap makes that much harder. We think it is time for a more consistent and transparent approach.
“For a system that places increasing responsibility on individuals to fund their own retirement, reliable data is becoming increasingly essential. Without a clearer picture of how SIPPs are being used, providers find it harder to design products that reflect real saving behaviour and to identify where people may need more support. Better data would help the whole industry respond more effectively."
Aberdeen Adviser is investment giant Aberdeen’s UK savings and pensions platform arm, formerly known as Standard Life plc. It was established as a separate business unit in 2019.
The firm recruited a new CEO from M&G in March, replacing Noel Butwell who left earlier in the year after 20 years with Aberdeen. Richard Denning was formerly CEO of M&G’s wealth platform as well as COO at Aegon UK. He was also one of the founders of the Novia platform.
The provider expanded its new SIPP proposition in March. It first launched its new SIPP and Junior SIPP in December.
The Aberdeen Wrap is 20 years old in 2026 and Aberdeen’s first SIPP was launched in 2002 under the Standard Life name, making it one of the first to market, the firm said.