Self Invested Pension Plan

1. Does the SIPP allow me to hold the types of investments that I want to? IE Commercial Property, Investment funds etc.
2. Does the SIPP allow me to use an adviser, or is it a direct-to-consumer SIPP? This is important if you want to take advice on the most suitable type of assets and investment funds. With some SIPPs you have to make all of the investment decisions yourself, others allow your adviser to help with your investment decisions.
3. Does it facilitate all the things that I need it to do. IE Does it allow for flexi drawdown, and can I hold multiple types of investment.

The main difference is that a SIPP usually offers a greater range of the types of assets you can hold within your pension. For example, commercial property can only be held in a SIPP and not in a personal pension.

Some people like greater flexibility in their pension, they might want to hold a wider variety of assets within their pension pot, different to the usual investments, if this is the case than a SIPP would be the right choice.

For those that only want t have their money invested in a pension then a personal pension could be the answer.

The rules for drawing money out of a SIPP are the same as most personal pensions. At this time, you're able to start taking income from a personal pension at the age of 55, this will increase to 57 from 2028.