Which? Could a DIY pension help to boost your retirement savings?
Jun 5, 2025
Tom Selby, Director of Public Policy at AJ Bell, and Paul Davies, Which? Money's pension expert, delve into the world of self-invested personal pensions (SIPs). They break down the advantages of SIPs, including greater control and flexibility over retirement savings. The discussion highlights the importance of strategic planning and the benefits of consolidating multiple pension pots. Listeners learn how to select the best SIP providers and why SIPs are gaining popularity, especially among self-employed individuals.
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What Is a SIPP?
- A SIPP is a defined contribution pension similar to workplace pensions with tax relief incentives.
- The key difference is that with a SIPP, you choose and manage your investments yourself, offering more control and responsibility.
When to Access SIPP Funds
- You must wait until at least age 55 (rising to 57 in 2028) to access SIPP funds.
- Early withdrawal isn't always wise, as pension money may need to last 30 to 50 years.
Why People Choose SIPPs
- People choose SIPPs for control over investments, flexibility, and the ability to consolidate pensions.
- Self-employed individuals especially benefit, as they lack workplace pension options.