Over the years, it has become more common for companies to close their final salary schemes to members. We believe it is worth deciding how to make your money work for you in retirement and how you can accumulate a pension that will make you financially stable through your retirement years.

A Self Invested Personal Pension plan (SIPP) is one option open to individuals who wish to consolidate their existing UK pension schemes and invest smarter for their retirement. It allows you to have greater investment control over your pension and is designed to produce an income or a tax-free lump sum and income when you chose to retire.

The range of investments that you are able to choose from inside a SIPP is more varied than other pension plans, enabling the SIPP holder to invest in a wide range of assets including stocks/shares and futures/options both home and overseas.

SIPPS are designed for investors who want maximum control and flexibility over their pension. SIPP benefits include:

• flexibility on the choice of investments with a wide range of eligible investments.
• the ability to select your own fund manager or managers
• early retirement irrespective of whether you remain at work
• penalty free transfers
• staggered or phased retirement
• income drawdown - avoiding the requirement to purchase an annuity until 75
• significant tax advantages
• inheritance tax planning possibilities
• consolidation - you can transfer all existing pension entitlements into a SIPP, including transfers from occupational pension schemes
• access from 55 years of age