Five Sipp facts not many people know
By Kirsten Hastings, 31 Jul 17
An estimated one million people have opted for self-invested personal pensions (Sipp) as they offer a wide choice and the freedom to invest almost anywhere. Hargreaves Lansdown have put together some of the lesser-known facts about the increasingly popular retirement vehicle.
A few years ago, it was widely believed Sipps were just for the wealthy. This was largely because high set-up costs meant people needed a large sum to make it worthwhile. Typically, people needed an initial amount of £50,000 ($65,681, €55,888) or more.
However, this is no longer the case. Fees have fallen significantly and some Sipps now have no set up costs, meaning more money stays invested.
The internet has also fuelled the growth of Sipps and some can be managed entirely online or through a smartphone app. Pensions of old often involved a lot of paperwork, so a Sipp that can be managed online can make a refreshing change.
Tags: Hargreaves Lansdown | IHT | Inheritance | Sipps
