The SIPP market has continued to grow strongly in the past year with a record 6m+ SIPPs in force and nearly £650bn invested, according to MoretoSIPPs, the specialist consultancy headed by SIPP industry veteran John Moret.

MoretoSIPPs says in a new report on the market in 2025 that the figures mean two new milestones have been passed: over 6 million SIPP investors and almost £650 billion of assets invested - both new highs.

However there are signs the market may be peaking over the next few years, MoretoSIPPs says.

The report - 'the UK SIPP Market 2025' - also found that nearly seven in 10 SIPPs were being run on a non-advised basis, with the number growing year on year.

In addition, only one in eight SIPP investors have vested so far suggesting that over £500bn of assets are yet to vest.

Among the key findings:

• Nearly 70% of SIPPs operate on a non-advised basis
• Only 1 in 8 SIPP investors have vested their benefits suggesting that over £500 billion of assets are yet to vest
• There are a growing number of new entrants to the market, particularly companies offering ETFs and recently crypto ETNs. Mostly these new entrants are partnering with existing SIPP providers. 
• The SIPP market is likely to exceed £750billion by 2030 but there may be a fall in the number of SIPPs and SIPP assets beyond 2030.
• There will be further consolidation in the “streamlined” and “complex” sectors which may provide the best opportunity for growth in the medium term 

According to the report, over the 15 months to April 2025 the SIPP market has grown by around 20%. If that growth has continued over the last 6 months then the total SIPP assets may now be nearer £700 billion, says MoretoSIPPs.

"Complex” SIPPs account for less than 20% of total SIPP assets and the investment platforms and life companies control over 85% of the streamlined SIPP market.

MoretoSIPPs predicts that the total SIPP market will exceed £750bn by 2030 however "for the first time" it believes there is a “genuine prospect” of a fall in SIPP numbers and assets beyond 2030 as a result of the political and fiscal uncertainties and the changing pensions landscape.

John Moret, principal of MoretoSIPPs, said: “Most of the data was collected during quarter 1 2025 so it is likely that by now SIPP assets will be nearer £700bn which represents over 20% of the UK’s total funded pension assets. Over 90% of these SIPPs are “streamlined” with “standard” investments. Investment platforms and life companies operate the vast majority of these SIPPs. The assets in “complex” SIPPs with wider range investments total just under £120bn in respect of just over 300,000 investors.”

“There are clear signs of some providers focussing their efforts more on the “decumulation” phase, making use of new technologies, which is to be welcomed and may well be where major opportunity lies in the future. The government’s growth agenda may well also lead to more interest in the private market and similar investments such as LTAFs but this may require some reappraisal of the current SIPP regulatory framework. 

“However, given the political and fiscal uncertainties and the changing pensions landscape, especially involving workplace DC pensions and potentially CDC retirement schemes, for the first time I believe there is a genuine prospect of a fall in SIPP numbers and assets beyond 2030. Given that by then the total number of SIPP investors may represent over 15% of the working population this is not a huge surprise.”

Financial Planning Today Analysis: Few know more about SIPPs than 'Mr SIPP' John Moret, a man who has spent decades studying and commenting on the SIPP market. What he says carries enormous influence and his view that the market may be peaking needs to be listened to. Despite the odds and some well reported failures, the SIPP market continues to grow rapidly at present and 6m people rely on SIPPs for all or part of their pension plan, that's a huge number and is often under-appreciated by government and the wider pensions sector. SIPPs have, in many ways, been a huge success story although not without stumbles along the way. With so much money yet to vest, the SIPPs sector will have a major impact on investing and pensions for years to come. As Mr Moret points out 70% of SIPPs are DIY plans and many of those will need advice in the years to come. Financial Planners are perfectly placed to deliver this.

• https://www.moretosipps.co.uk/