A self invested personal pension, or SIPP, is a type of DIY pension. As the name suggests, rather than using a specific fund company and buying an off-the-peg pension from them, you manage your own savings, choosing exactly when and where you will invest the money you hold in your pension.

The SIPP is effectively a tax-efficient wrapper for your pension investments. You can build up the portfolio yourself or hire an expert to run a bespoke scheme on your behalf.

Money invested in a SIPP, which gets generous tax breaks, can be put into anything from a fund to commercial property. You can also use SIPPS for a much wider range of investments, including wine and antiques.