SIPPs (Self Invested Personal Pension Schemes)

What is a SIPP?

A SIPP is a Personal Pension Plan into which an individual, professional partnership or group of individuals can run their own pension investment, having complete control (within Revenue rules) of the investment for retirement.

SIPPS are suitable for experienced investors, company directors, the self-employed and higher income earners.

The main advantages of a SIPP are:-

• Wide range of acceptable investments.
• Control of retirement fund.
• Administration costs reduce proportionately as premiums increase.
• Other advantages as per personal pensions.

The main disadvantages of a SIPP are:-

• Limited number of providers.
• Only suitable for certain individuals.
• Other disadvantages as per personal pensions.

Only the more adventurous and experienced investors should consider SIPPs.