Analysis by Bowmore Financial Planning, using data from the Financial Conduct Authority, found that 54,387 self-invested personal pension plans currently hold commercial property.
Bowmore said these hard-to-sell assets could become a “serious issue” for families once inheritance tax is applied to pensions from April 2027.
It warned that beneficiaries may find it difficult to dispose of commercial property held within SIPPs within the six-month window after a death, when inheritance tax is due to be paid.
Mark Incledon, chief executive of Bowmore, said: “Commercial property can take a long time to sell, but until now that hasn’t been a major issue because pension-held property was not subject to inheritance tax.
“That will change in 2027, meaning investors will need to consider whether the commercial property in their Sipp is liquid enough.”