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What is a SIPP?

Over the coming years you are likely to hear the term SIPP more and more as the UK government continues to encourage individuals to plan ahead with an array of pension related products. The term SIPP stands for Self Invested Personal Pension and is a tax efficient way of saving and investing money for your future pension. Recent changes to government regulations have increased the number of investments which qualify for a SIPP thereby increasing the popularity in the short, medium and longer term.

The main benefit of contributing to a SIPP is the fact that tax payments on contributions will be rebated to the fund which effectively means that, within pension funding limits, you can invest part of your income gross. Initially SIPPs and other similar pension plans were exempt from not only tax on contributions but tax on income and capital gains. There have been a number of changes over the years and again it is vital that professional advice is taken from a regulated party.

The government has made it clear over the years that individual pension funding arrangements will be encouraged with tax incentives the most likely methods to market these to the UK population.

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