Self Invested Personal Pension (SIPP)

These schemes are available to those in employment and the self-employed but are probably of most benefit to those in business rather than a straightforward salaried individual.

A SIPP comes under the same contribution and tax rules as any other personal pension but there are some important differences and advantages. As the name suggests, the schemes may be self-invested meaning that the scheme owner may invest in wide variety of investment media and is not constrained to insurance company funds as is more common with a ‘packaged' or insured product.

The ability for the scheme to invest directly in property and to ‘gear-up' by bank borrowing may have particular appeal to the business owner or a group of partners in a professional practice.

(See also Self Administered Pension Funds)

 

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