How to take control of your pension with SIPPs

Seize control of your pension by leveraging self-invested personal pension plans, otherwise known as SIPPs

While the typical savings rate in the UK may have increased recently, traditional accounts are still delivering a relatively poor return in the current climate.
More specifically, cash ISA rates have edged up marginally to around 1.05% during the last financial quarter, offering hope that the economic climate may soon be about to ease. Despite this, the core rate of inflation currently remains disproportionately high at 2.7%, making it increasingly difficult for households to save their income.
This is particularly concerning for those planning for retirement, so in this post we will discuss ways in which you can seize control of your pension by leveraging SIPPs. Here are some ideas:
1. Reduce the cost of saving through tiered service fees 
SIPPs (or self-invested personal pension plans) are notoriously flexible, while they also offer tremendous value for money. This affords you a greater sense of control in terms of how your capital is spent, particularly when it comes to commission fees and set-up costs.
Providers such as Bestinvest even offer tiered service fees that allow you to minimise costs according to your precise needs, while accessing lower prices for larger pensions. They have also eliminated set-up charges, so you can establish your account quickly and make the most of your existing capital.
This is important in the current climate, as even small savings can prove significant in the quest to build your pension pot
2. Choose how you invest your wealth
Aside from being tax free, perhaps the single greatest benefit of a SIPP is that it offers you huge flexibility in terms of how you invest your capital. By offering you access to a host of domestic and international asset classes, you can build a portfolio that is profitable and capable of optimising returns over time.
Not only this, but SIPPs allow you to leverage and expertise that you may have in the financial markets, as you can dictate precisely how much control you have over managing your wealth and pension pot.
This type of control ensures that you feel comfortable as a client, while it can enable you to make the most of your capital at any given time.
3. Consolidate your pension plans in one place
With long-term security no longer a focal point of the job market, you may have several roles of employment during your career. This may leave you with a number of private pension plans, which can prove exceptionally difficult to track and manage efficiently over time.
A SIPP can solve this issue, however, by allowing you to consolidate all of your existing pension plans into a single entity. In fact, you can open your SIPP by transferring funds from alternative accounts, with some service providers known to pay up to £500 towards your exit fees.
This represents the ultimate flexibility, particularly when you can also call upon free investment research and UK-based expertise to aid the process at any point in time. With these points in mind, SIPPs represent the ideal savings vehicle in the modern age and allow those approaching retirement to take back control of their pension funds.
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