If you want more control over your pension, you can access a range of investments through a Self-Invested Personal Pension (SIPP). A SIPP lets you take advantage of the same tax benefits available to all pension savers:
- Protect your returns from income tax, tax on dividends and capital gains tax (CGT) and income tax
- Claim tax relief on contributions of up to £40,000 or 100% of your earnings (whichever is lower).
You take responsibility for growing your retirement savings, so you should only open a SIPP if you’re an experienced investor and you understand the risks. You won’t be able to access your money until you reach the minimum retirement age of 55, although the Government have announced an intention to link this age to 10 years prior to the State Pension Age. If this passes into law, the minimum pension age will increase in the future.