11:38 22 January 2013
There are different pension schemes that are available to you these days. But if you want an active, hands-on approach to your pension management, you’ll find self-invested pension plans or SIIPs to be extremely attractive. Here’s why:
SIIPs are more accessible now
Self-invested pension plans are getting more and more accessible to a wider number of people. These allow you to get started with a monthly contribution for as little as £50. If you opt to transfer value from another pension, you can do so even if the value is only £5,000.
Tax relief on contributions
Just like with any other pension plans, SIIPs allow you to earn tax relief on your contributions. This means that if you pay a certain amount of money, a portion of it will be paid by the Inland Revenue in the form of basic tax relief.
This is one thing that makes SIIPs very attractive for a lot of people. It means that you have direct control as to where you want your money to be invested on. Rather than being tied up into the insurance company’s investment portfolio, you can make decision if your investments are not performing as expected.
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