Self Invested Personal Pensions
A self invested pension plan (SIPP) is a pension plan that you have control over and therefore offers a great amount of flexibility. A SIPP allows you to choose from a number of different investments unlike other personal pension schemes. You may also hear a SIPP called a wrapper and this is because any investments that you have within this wrapper are treated a certain way.
One of the main benefits of a SIPP is that they have the same tax advantages as other personal pension plans.
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The major advantage of a sipp is that they offer greater flexibility and control as well as increased tax benefits and possible lower costs than most traditional pension plans. Recent changes in legislation mean that sipps are no longer solely directed at those on a higher income and can additionally be managed alongside a traditional pension scheme.
When originally introduced sipps were aimed at those with pension funds over £200,000, however in recent years even those who have no source of income can still contribute up to £3,600 a year into a sipp. Sipps are most beneficial to those who have a number of pension schemes and want to bring these retirement plans, plus any investments together in one easily manageable pension wrapper. A sipp may also be appropriate if you are self-employed or if you're current employer does not have a pension scheme.
It is always useful to make use of a pension calculator when considering your pension options.
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