Self-Invested Personal Pension (SIPP) for those who need their pension to be flexible
People often come to us under the impression that a SIPP is a completely different type of pension to their existing insurance based contract. Whilst in some ways this can be true, fundamentally a SIPP operates in the same tax-efficient manner as a Personal Pension.
What is the difference between a SIPP and a Personal Pension?
A SIPP will usually have wider investment options
A SIPP will offer flexible income options
Most SIPPs are delivered alongside bespoke advice
Although the name, ‘self-invested’, suggests that an individual is in charge of all investment decisions, often a SIPP is managed between the member and a professional SIPP pension adviser. We commonly refer to this style of pension as a ‘member directed’ pension fund.
As with most pension arrangements, the SIPP ‘wrapper’ is the tax efficient vehicle that allows you to save for your retirement. How that pension performs is down to the investment within the scheme, the management of the pension and the quality of the ongoing advice that sits alongside the pension.
Not all people should have a SIPP – but those that do, should definitely make sure that they have the right SIPP for them. We understand that sometimes, people want to gain a better understanding of an area before speaking to a pension adviser. Use the links on the right to learn more.
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