No. A SIPP's wider investment choice can come with higher charges, and the investment risk sits with you. It tends to reward people who will genuinely use the flexibility; for straightforward needs, a standard personal pension is often better value. Independent advice will establish which suits your circumstances.

A SIPP is an individual personal pension. A SSAS is an occupational scheme established by a limited company for up to 11 members (usually directors and family) who act as trustees together. A SSAS can lend up to 50% of its assets to the sponsoring company, which a SIPP cannot do. See our dedicated SSAS [...]

Usually, yes. Consolidating old workplace and personal pensions into one SIPP is one of the most common reasons to open one. However, some older schemes carry exit fees or valuable guarantees (particularly defined benefit pensions) that would be lost on transfer, so always take advice before moving a pension.

Normally from age 55, rising to 57 on 6 April 2028. Up to 25% can usually be taken tax free (capped at the £268,275 Lump Sum Allowance), with the balance taxed as income when you draw it, whether through flexi-access drawdown, an annuity, lump sums or a combination.

Yes. Offices, shops, industrial units and land can be held in a SIPP, and many providers permit borrowing of up to 50% of the scheme's net assets to help fund a purchase. Business owners often hold their own trading premises this way, with rent paid by the business growing the pension tax-efficiently. Residential property is [...]

Contributions receive tax relief at your marginal rate: basic-rate relief of 20% is added automatically, and higher and additional-rate taxpayers can reclaim a further 20% to 25% through self-assessment. You can contribute up to 100% of your earnings each year, capped by the £60,000 annual allowance (lower for very high earners and for anyone who [...]

A SIPP often suits investors who want greater investment choice, company directors and business owners, people consolidating several old pensions under one strategy, and experienced investors, particularly those working with a financial adviser. If you simply want a low-cost, hands-off pension, a standard personal or workplace pension may serve you better.

A SIPP is a "do-it-yourself" pension: a tax-advantaged wrapper in which you choose the investments (shares, funds, even commercial property) rather than being limited to an insurance company's fund range. Tax relief on contributions and tax-free growth work exactly as in any other UK registered pension.