Posted on: 09 Nov, 20
Saving for your retirement is one of the longest and biggest !nancial commitments you will make. Imagine you’re retiring today. Have you thought about how you’re going to !nancially support yourself (and potentially your family too) with your current pension savings? "e new pension freedoms provide an incentive to look again at your retirement savings.
Self-Invested Personal Pension (SIPP) could be right for you if you’re looking for a wider choice of investment options and have sufficient knowledge and experience of investing to make your own investment decisions.
First introduced in 1989, unlike most forms of personal pension, a SIPP is independent of the investments it holds. This structure provides a range and flexibility of investment that makes a SIPP one of the most flexible methods of saving for retirement.
Almost anyone under the age of 75 in the UK can open and make tax-relievable contributions into a SIPP. Parents can even open a Junior SIPP for their children. But SIPPs are not suitable for every investor and other types of pensions may be more appropriate.
A SIPP provides favourable tax treatment and a range of investment options. Once in a SIPP wrapper, your savings will grow free from UK income and capital gains tax. But if you’re not comfortable choosing and managing investments, you should receive professional financial advice on the best pension options to suit your needs...
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