A SIPP can be a good option if you want to combine your pension pots into one single fund and then actively manage your money yourself, or choose a money manager to do this for you.

With other types of pension, decisions about how to invest your money are in the hands of your pension provider.

This means that a SIPP comes with a certain level of responsibility, and requires savers to have some understanding of investing and to keep an eye on their investments.

You can usually opt to pay quite a low monthly amount into your SIPP, but a higher monthly contribution sometimes gives you access to more investment options.

We always suggest seeking independent financial advice if you are unsure or not confident with investing yourself.

There are many different SIPP’s available in the UK today and they have different fee structures, so it’s important to check and compare carefully.

Some are complex SIPP’s that allow property purchases and some are simple ‘pay into’ or transfer amalgamation SIPP’s.  So chose wisely, there is no point in paying for something you will not use.

As well as fees for setting up your SIPP, annual fees and trading charges may apply.  It would also be worthwhile taking a look at any exit penalties and also the charge you’ll have to pay if you want to draw an income from your SIPP.

With the Invinitive SIPP, things couldn’t be simpler.  £150 per year for accounts exceeding £50,000 and a 0.25% annual management fee capped at £400 per annum.  

For any Child under the age of 18 their account needs to be opened on their behalf by a legal guardian or parent.

This means that the legal guardian or parent needs to have their own account with Invinitive.  Once opened they would open a new Junior account under their existing “parent” account, which is fairly easy to do.

This would automatically link the two accounts together allowing the parent full access to view and trade and transfer in funds to the Junior SIPP on behalf of the child.

Remember though, any money paid into a SIPP cannot be taken out until the Child turns 57, so short and medium term planning for vehicle purchases, university coverage etc might be better suited in a product more accessible like an ISA or a GIA.  For more information on what product is best suited to your situation please seek independent financial advice.