Saddleworth COVERS INDEISGN.indd - page 101

101
SIPP into your future
By Eric Mowinski of Landmark Financial Planning
For appropriate
investors, one
option is a Self
-Invested
Personal
Pension (or
SIPP). This is a
wrapper for
pension investments that allows investors to
make investment decisions with their
advisers rather than relying on a life
assurance company’s pension fund range.
SIPPs can be opened by anyone under the
age of 75 living in the UK. Even if you’ve
already retired, you can still open a SIPP
and take advantage of the extra flexibility
that it gives you over your pension savings
in retirement.
SIPPs offer a wider investment choice than
most traditional pensions based on
investments approved by HM Revenue &
Customs. They give you the chance to pick
exactly where you want your money to go
and enable you to choose and change your
investments when you want, giving you
control of your pension and how it is
organised. Within a SIPP you can invest in a
range of assets such as Unit Trusts,
Investment Trusts, Property and Stocks and
Shares.
From age 55 onwards, you have the option
of making withdrawals. Typically, you may
take 25% of the pension tax free, and the
rest is taxed as income. Instead of
purchasing an annuity at age 75, you can
keep the portfolio in which your SIPP is
invested and choose what income you
require as and when.
To review your retirement planning please
feel free to contact us, details below
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