Guides & Advice For SIPPs
Self-invested personal pensions (SIPPs) allow you to take control of your own retirement savings and investment decisions. Unlike workplace pensions (such as Aviva or Scottish Widows) which have fund managers who look after a pot of money and make decisions for you, with a SIPP you can choose what to invest in yourself. This flexibility can open up a wide range of possibilities and give you the ability to consider your environmental, social and governance (ESG) investing preferences. However, it can also mean that you have greater responsibility for your decisions – as Spiderman once said “With great power comes great responsibility”. Read more www.sippadvice.co.uk
It’s important to think carefully about the level of risk you’re comfortable taking before making any investments, and we always recommend seeking professional, regulated financial advice. A good SIPP provider will offer a wide choice of investments including unit/investment trusts, shares and exchange-traded funds as well as some property and commercial mortgages. The most expensive SIPPs – known as full SIPPs – tend to impose the highest charges, but for smaller investors a platform SIPP – or sometimes ‘lite’ SIPP – is likely to provide a cost-effective solution with lower or even zero setup, administration and dealing fees.
Building Wealth for Tomorrow: Your Comprehensive Guide to SIPPs Strategies and Advice
A SIPP allows you to withdraw up to 25% of your pension pot at the age of 55 (this rises to 57 from 2028) and spend it as you wish. Typically, most people will use the remaining amount to buy an annuity, or alternatively they may prefer to draw a regular income from their invested money in a SIPP drawdown plan.