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Pensions: Self Investment

Volume 697: debated on Monday 10 December 2007

My honourable friend the Minister of State for Pensions Reform (Mike O’Brien) has made the following Statement.

Consultation begins today on draft regulations which will allow protected rights to be held in self-invested personal pensions (SIPPs). A copy of the consultation document and draft regulations have been placed in the Libraries of both Houses of Parliament.

The consultation is the result of the very useful dialogue we have had with the pensions community about the existing restrictions preventing SIPPs from holding protected rights. In light of recent changes bringing SIPPs under the regulatory control of the FSA, the Government consider that these restrictions are no longer necessary.

The consultation runs until 29 February 2008.