A SIPP is a self-invested personal pension. A personal pension is managed by you and/or your financial adviser, and is usually separate from your employer pension. This gives you control over your contributions as well as your investment selection. The SIPP provides you with a tax efficient way to save for your retirement.
Through the Wrap platform you can choose from a range of investments to help meet your goals. There are annual and lifetime contribution limits set by the government. We discuss this further below. The Wrap SIPP is provided by Standard Life Assurance Limited, part of the Phoenix Group.