With a SIPP, you can choose the best SIPP provider and how, when and where your money is invested.

SIPPs are more flexible in the way that you can make contributions. You can put in regular, single, ad-hoc and transfers from other pension schemes into your SIPP. A SIPP is a lifestyle retirement choice that puts you in control.

We offer specialist expert advice on SIPPs. Please contact us for further details.

In order to contribute to a SIPP you must be resident in the UK for tax purposes or you are a crown servant working abroad (or the husband, wife or civil partner of the crown servant).

SIPPs offer a wide range of investment options including:

• A wide range of pension funds and funds from other respected fund managers.
• Commercial property.
• Stocks and shares on the UK Stock Exchange, including securities on the Alternative Investment Market.
• Stocks and shares traded on a recognised overseas stock exchange.
• Unit trusts and investment trusts.
• Insurance company managed funds and unit-linked funds.
• Cash accounts.

SIPPs can also accept transfer payments from other pension plans such as:

• personal pension schemes.
• company pension schemes.
• S32 buy-out policies.
• free-standing additional voluntary contributions schemes (FSAVCs).
• retirement annuity contracts (RACs).
• stakeholder pension schemes.

If you have been contracted-out of the State Second Pension, any part of your transfer value that relates to Protected Rights, Guaranteed Minimum Pension or Section 9(2B) Rights can also be paid into the SIPP.

Similar to personal pensions, SIPPs can be accessed from age 50 (age 55 from 2010) whether or not you have actually retired. In some circumstances the HMRC will allow certain occupations to take benefits at an earlier age.

You can take a tax-free lump sum from the SIPP at pension date. This is the date from which a pension is first payable from the SIPP, either in the form of income or an annuity. It is not possible to take only a tax-free lump sum from an arrangement. Once a pension date has been set, the remaining funds in the arrangement must be used to provide a regular income or to buy an annuity.

Please note that you must take this lump sum before your 75th birthday.

Any withdrawals that you make from a SIPP must be within the limits laid down by the Government Actuary's Department (GAD) and are subject to your normal rate of income tax. Within these limits, you can choose the level of income you require.

If you want to speak to one of our experienced partners about SIPPs or any other aspect of financial planning please contact us.