MT Week - Could you benefit from a self-invested personal pension (SIPP)?

When I wrote about how to choose a pension if you’re self employed last year, I briefly mentioned self-invested personal pension (SIPP) as an option.

Despite having been around for more than 30 years, it’s still one of the least popular pension options around.

It’s no surprise really - when it first launched in 1989 (by Nigel Lawson no less), the costs were so high that it presented poor value for money if you didn’t have a big portfolio.

But thanks to improved technology and more competition, the associated fees have dropped significantly, meaning it’s much more accessible to more people.

And yet, given the huge range of investment options made available by SIPPs, it can still be overwhelmingly complicated to administer for the average person.

With that in mind, I got some insights from Tony Clark, senior propositions manager for pensions at St. James's Place Wealth Management, on when a SIPP might work for you.