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There’s no denying the value of a pension.

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Building a decent fund today can make a real difference to the life you live tomorrow.

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But some pension plans offer a limited choice over where your money is invested. 

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And you may be restricted to the funds offered by a single provider.

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There is another way.

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A SIPP is a type of personal pension that offers you access to a wider choice of investments than some other pensions.

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It can give you greater control over your how your retirement savings are invested, 

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to help you achieve your retirement goals.

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So what does that mean in reality? Here’s your simple 5-step guide:

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With a SIPP you have a huge range of investment options to choose from – including unit trusts,

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investment trusts, bonds, and shares. So you can build a portfolio to suit you.

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You’ll enjoy the same great tax benefits with a SIPP that you get for other pensions.

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Because your SIPP is effectively a tax wrapper, your investments can grow free of income tax and capital gains tax.

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And the taxman will top up any contributions you make up to certain limits with tax relief – which can give your pension pot a real boost.

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You get the first 25% of the pension back tax-free too,

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with the balance then treated as income and taxed according to your personal circumstances.

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Just bear in mind that pension and tax rules can change, and their effect on you will depend on your individual circumstances.

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Keeping tabs on your investments is easy,

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with everything in one place,

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and 24/7 online access allowing you to track performance and manage your portfolio wherever, whenever.

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But what if you’ve got existing personal or workplace pensions?

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No problem. If you’re an active member of other pensions, you can run a SIPP alongside them. If they are in respect of former employments,

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you can bring them together in one place. You might want to take independent advice as you weigh up the benefits and drawbacks of doing so.

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And, if they choose to, your current employer can even make contributions to the SIPP too.

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SIPPs aren’t for everyone.

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A SIPP could be right for you if you’re comfortable choosing and managing your own investments

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and keeping track of the relevant pension allowances.

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Remember the value of investments held in pension arrangements can fall as well as rise, and you could get back less than you invest.

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If you're unsure, please seek independent financial advice.

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To find out more about how a SIPP can empower you to take control of your pension, simply search ‘Barclays SIPP’ to learn more.