With this in mind, ipsbmv.com think it is time to consider a self invested personal pension as a more satisfying alternative to standard pensions.
Putting something by for the future is even more important now than ever yet people are still leaving their retirement to chance or putting money away in a pension and forgetting about it according to ipsbmv.com.
Jon Ainge, Director of ipsbmv.com commented:
"There is nothing wrong with a pension, but it is restricted to only a few products compared to the whole new world of investments that is opened up with a SIPP.
"With a SIPP you get to choose where and when to invest your money and if you are the sort of person who likes choice and control, then a SIPP is perfect."
At a time when most people are worried about how their investments are performing it is important to note that twice as many people are satisfied with their SIPP pensions compared to those who hold standard pensions.
The most telling stat, however, is that only 29% of SIPP investors said they had seen their pension fall "a long way" short of their expectations, while a whopping 42% of standard pension holders felt the same.
Finding The Best Sipp Pension Products
According to ipsbmv.com, more people would be happy with their SIPP if they were given access to the right advice and the best choice of investment products. With greater choice sometimes comes more confusion.
The biggest difference between a Sipp and a personal pension is that a Sipp holder can invest into basically anything that is approved for sipp investment, while someone with a personal pension can only invest into specific funds offered by their pension provider.
For example, a SIPP holder can invest into shares, bonds, funds, commercial property, farmland or even gold amongst other products. There are some fantastic investment vehicles out there that can deliver outstanding returns if you only know where to look.
Higher levels of freedom and choice are seen by many in the financial advice industry as the main reasons why more people are satisfied with SIPPS than standard pensions.
Ainge added:
"Sipp pension holders are far more involved in how their money is invested than someone with a regular pension who might only get a letter in the post once a year for 30 years at the end of which it is too late to change course.
"Even though SIPPs have been around for 20 years, it was previously only high net worth individuals who made use of them. Now increasingly as the performance of standard pensions comes under the spotlight, Sipps are being seen as more attractive even for those with more modest pension pots."
SIPPs offer the same tax advantages as standard pensions. Not only are contributions tax-deductible, investments done are tax-free both when it comes to income tax and capital gains tax.
So when it comes to shopping around for ways to save for a satisfying life after 65, there are few better options out there than a SIPP pension, according to ipsbmv.com.
