The main advantages of a SIPP are control and choice.
You have a wider range of things you can invest your money in, and it can be you – rather than an investment manager – who decides how to allocate your money. This also means that you can consider your own environmental, social and governance (ESG) preferences and avoid investing in areas that unsustainable or unethical.
Depending on your knowledge, confidence and time, though, these same factors can be a disadvantage. If you are unsure of how investments work or you don’t have sufficient time to regularly monitor them and research your options, a SIPP might not be the option for you. A financial adviser can establish what type of pension is most suitable for you, based on your personal circumstances.