Thanks to Simplification Day, Sipps Are More Complicated Than Ever

Summary

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SELF-INVESTED personal pensions (SIPPs) have become big business with many people opting for them as a flexible way to save for retirement. A SIPP is a pensions "wrapper" that holds client investments and since pension simplification day on 6 April, 2006 - A-Day - there has been a great deal more flexibility in what can be included.

SIPPs receive the same tax benefits as standard personal pensions - including no income tax on the gains and no capital gains tax (CGT) - providing investments are on the Inland Revenue's approved list. This includes life insurers, unit and investment trusts, equities, cash deposits and futures and options.

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Extract

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Thanks to Simplification Day, Sipps Are More Complicated Than Ever

Providers are starting to be more innovative about what can be included in their SIPPs. For example, AEGON Scottish Equitable recently took the first step in the phased expansion o...

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