What is a SIPP?
A SIPP, or Self-Invested Personal Pension, is a pension which gives you the freedom to manage and choose how your retirement savings are invested.
SIPPs are sometimes referred to as DIY pensions and, if you want to take closer control of your pension, they can provide easy access and flexibility to allow you to change your investments online whenever you like. Indeed, many online SIPP dealing accounts have the added convenience of sitting alongside your other investment accounts, such as your Stocks & Shares ISA.
You can have a SIPP in addition to a workplace or government pension, giving you an extra boost throughout retirement. A SIPP can also be a good solution if you want to consolidate a number of separate pension pots into one place, particularly before retirement so you can actively manage your pensions.