A self invested personal pension is a type of personal pension.
Like a personal pension, you set it up yourself, to give yourself a
retirement income. You can find out more about personal
pensions by clicking here.
The main difference is that you have a wider choice of how you
invest your pension pot if you use a self invested personal
pension. You can decide your own investment strategy, or can
appoint a fund manager or stockbroker to manage your
You can start a self invested pension from scratch, or you can
transfer funds from another pension scheme. You don't need a
substantial fund to invest in your self invested pension plan, but
the larger the fund the greater the range of investment
opportunities you are likely to have.
You will have to pay some charges. Click
here to find out about charges. There can be additional
charges for self invested personal pensions because of the
How much you have to pay and why will vary from provider to
provider. You may face additional charges at some or all of the
- setting up the plan
- annually for administration
- if you change your investments
- if you invest in property
- setting up your annuity
- if you choose income drawdown.
You may also face bank charges and, possibly, have to pay a fee
if you seek financial advice on your investments.