How to Get information on SIPPs

The Self-Invested Personal Pension (SIPP) became available in 1989 in the UK and has subsequently developed into more than 70,000 plans holding over £14bn. SIPPs allow investors greater control than conventional pensions over their finances and can offer good returns.

Instructions

Difficulty: Moderate

1. Consult well established finance related websites that provide information and comparison articles featuring SIPPs. Bear in mind that information from online sources may prove biased towards certain financial services providers.
2. Search for current SIPP Providers and discuss the possibility of a SIPP with them. SIPPs tend to be cheaper to set up online. It may be well worth looking for online only firms when you conduct your search.
3. Financial companies such as Hargreaves Lansdown offer free guides to products such as SIPPs. Ask your bank or building society if they can point you in the right direction to get hold of such a guide.
4. Talk to a financial adviser for personalised help regarding SIPPs in relations to your financial situation.
5. Ask friends and colleagues about their own long-term investments and pension plans.

Tips & Warnings

• Make sure your information is accurate and up to date. As a relatively new financial product, the conditions affecting SIPPs are liable to change year to year.
• Although SIPPs can offer great returns they can also be expensive to set up.