SIPP Index: Q2 & Q3 2025
Our latest SIPP Index reveals how our very own SIPP investors are navigating today’s market. Discover the key trends and insights.
Important information: As investment values can go down as well as up, you may not get back all the money you invest. Currency changes affect international investments, and this can decrease their value in sterling. If you’re unsure if an investment account is right for you, please speak to an authorised financial adviser. Tax treatment depends on your individual circumstances and may be subject to change in the future. Please note images displayed are for illustrative purposes only.
What is the SIPP Index?
interactive investor, the UK’s second largest investment platform, has launched its latest iteration of its SIPP Index, covering Q2 and Q3 of 2025. The SIPP index looks at investment trends and behaviour in accumulation and drawdown.
The pension landscape has continued to evolve over the two years since we’ve tracked our SIPP customer data.
With a pensions review currently underway and pensions set to be included in inheritance tax calculations from April 2027, this index provides unique insight into how SIPP customers are currently investing and positioning their pension portfolios during their working life, when they are accumulating wealth, and in retirement once they are in drawdown.
SIPP holdings over time
SIPP customers continued to buy passive funds, with allocations to ETFs increasing for those in accumulation and in drawdown.
Customers also bought more individual equities, with allocations at their highest level in 3 years (since Q1 2022).
When it comes to investment trusts, allocations reduced for those in accumulation and even further for those in drawdown.
SIPP holdings over time - in accumulation
| Funds | Shares | Cash | ETFs | Investment trusts | Other | |
|---|---|---|---|---|---|---|
| Q4 '21 - Q1 '22 | 37% | 19.60% | 13.50% | 9% | 20.70% | 0.20% |
| Q4 '23 - Q1 '24 | 39.40% | 19% | 12.10% | 12.10% | 15.90% | 1.50% |
| Q2 - Q3 '24 | 40.10% | 18.60% | 11.60% | 13.10% | 14.80 | 1.80% |
| Q4 '24 - Q1 '25 | 39.80% | 18.60% | 12.30% | 14.10% | 13.10% | 2% |
| Q2 - Q3 '25 | 39.90% | 20% | 11% | 15.80% | 11.50% | 1.80% |
SIPP holdings over time - in drawdown
| Funds | Shares | Cash | ETFs | Investment trusts | Other | |
|---|---|---|---|---|---|---|
| Q4 '21 - Q1 '22 | 37.10% | 16.70% | 11.40% | 6.50% | 27.90 | 0.40% |
| Q4 '23 - Q1 '24 | 39.30% | 17.10% | 9% | 9.50% | 23.50% | 1.60% |
| Q2 - Q3 '24 | 39.60% | 16.80% | 8.70% | 10.50% | 22.20% | 2.10% |
| Q4 '24 - Q1 '25 | 39.90% | 16.70% | 9.60% | 11.40% | 20.10% | 2.30% |
| Q2 - Q3 '25 | 40% | 18.40% | 9.70% | 12.30% | 16.80% | 2.80% |
Men and women see strong investment performance
Portfolios look very similar, which is in-line with our broader ii Index which compares portfolios across all accounts on interactive investor.
It’s great to see strong SIPP performance for both men and women, though men have slightly outperformed which could be due to holding less cash and more ETFs, as most of the outperformance has been driven by the technology sector over the last 6 months.
SIPP holdings by gender
| Cash | Shares | ETFs | Funds | Investment trusts | Other | |
|---|---|---|---|---|---|---|
| Female (Accumulation) | 12.50% | 14.70% | 14.40% | 42.80% | 14% | 1.50% |
| Female (Decumulation) | 11.50% | 13.90% | 11% | 45.50% | 17.80% | 2.20% |
| Male (Accumulation) | 10.70% | 21.30% | 16.10% | 39.10% | 10.90% | 1.90% |
| Male (Decumulation) | 9.40% | 19.10% | 12.50% | 39.50% | 16.60% | 2.90% |
Read more original research and reporting
ii Index
Our ii Index reveals how our very own investors are navigating today’s market. Discover the key trends and insights.
Great British Retirement Survey
One of the largest retirement surveys of its kind, with research conducted for ii by Opinium Research.
2025 Investment Outlook
Our experts analyse the major talking points for investors and share their investment ideas for the future.
Get in touch
If you would like to speak to one of our spokespeople or if you would like bespoke content from our expert writers, please contact:
Saffron Wainwright
PR Manager
Email: saffron.wainwright@ii.co.uk