A self-invested personal pension, or a “SIPP”, is a type of investment product that helps you build your savings for retirement. Notably, a SIPP gives you much more flexibility with the investments you can select when compared to typical personal pensions.
Once you invest money into a SIPP it will be locked up until you turn 55. You can then start drawing funds, even if you haven’t stopped working. You can withdraw up to 25% of your fund as a tax-free lump sum with the remainder used to provide an income.
For a full overview on self invested personal pensions you can check our 'What is a SIPP' guide.