Self-Invested Personal Pensions (SIPPs) are subject to the normal rules and regulations for registered pension schemes, but offer the freedom of choice over investment management, whilst keeping the administration in one place. This means you can change your investment manager who looks after your fund when you wish, without incurring the expense of changing the administrator who looks after the day-to-day running of your pension scheme.
Additionally, you can achieve greater flexibility in the benefits you can take during retirement. You can elect to purchase an annuity or follow the route of phased retirement which allows you to drawdown income in stages rather than all at once. You can also opt for an unsecured pension, which is an alternative way of taking an income as opposed to going down the traditional annuity route.

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