10:47 23 January 2014
Pensions can be a little complicated to figure out. There are different options and plans, but the one offered by your employer might not be the one that is right for you. This is the reason for the introduction of the SIPP (Self-Invested Personal Pension). The SIPP allows you to select your own investments from all of the options approved by HM Revenue and Customs. Here is what you should know about SIPPs:
There are other things to consider with SIPPs as well. Review SIPPs offered by different providers. You may find out that some are lower cost than others, or that certain companies offer more assistance with making investment choices than other companies.
Costs vary depending on the company and the type of SIPP you choose, but comparisons can help you ensure that you receive the plan that suits your needs and your chequebook. Also be sure to ask about any applicable fees and the scenarios that could incur fees.
You may not be able to change the company once you have chosen your SIPP provider, so it is essential to be certain you have the right one for you before you open an account. Remember that some plans may have annual fees, fees for the number of times you change your investments, and potentially maintenance fees.
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