Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.
What is a Self-Invested Personal Pension (SIPP)?
A Self-Invested Personal Pension is a flexible form of individual pension. As the name suggests, you choose what investments to put into your pension, which is usually held on a platform that allows you to pick shares and funds. You can buy and sell the funds within your SIPP or hold your pension in cash, benefitting from the same tax breaks as you would in an employer pension or other individual pension. Charges may be higher than other pensions due to the flexible nature of these products.