The self-invested personal pension (SIPP) market has been handed its 'biggest opportunity for some years' by the collapse of defined benefit pension schemes, says Suffolk Life's director of sales and marketing, John Moret.

Describing SIPPs as 'the silver lining in the dark cloud hanging over defined benefit', Moret told Pensions Age that many individuals shut out of final salary schemes would move money into SIPPs. He believes that the size of "single premium (pension) business" that is accounted for by SIPPs - which stands at around a quarter of the market - could soon be worth up to a half.

With more interest recorded from platform and wrap providers who are "looking for a slice of the SIPP action," Moret believes there could be a significant rise in assets invested into SIPPs in 2009.

He added that he was pleased to see that the regulators have got SIPPs "very firmly onto their radar now," but reiterated the industry's fear that the Financial Services Authority (FSA) still does not appear to distinguish between the different types of SIPP.

- Pensions Age January 2009

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