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Financial > Pensions > Self Invested Pensions
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Self Invested (SIPP) Pension
If you wish to save more than £1,000 per month or alternatively have a pension fund in the order of £50,000 you may prefer to have more control over the investment decisions than is ordinarily available through a personal pension - and that freedom is provided by a SIPP.
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The rules are exactly the same as for any personal pension with the addition of an independent Trustee to make sure that the conduct of the SIPP remains within the limits allowed by the UK authorities.
Charges for operating this type of pension are naturally higher than they would be for a scheme completely within the control of an insurance company, but those additional charges fall to zero as the value of your pension fund grows. If you die before claiming the benefits (and before age 75) the entire value of your pension fund can be paid to any person or people that you choose as a tax-free lump sum, subject to a maximum of £1.5 million (£1.8 million in limited circumstances). Beyond that point the payment would be taxed at 55%.
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