A SIPP is a Self-Invested Personal Pension, which is a pension wrapper for your retirement savings. However, the key difference between a SIPP and a regular workplace pension is that you, as an individual, are in control.
Essentially, with standard pension schemes via your employer, your funds are managed by your platform provider. And crucially, that provider is usually chosen by your workplace. In turn, that provider may then select the fund you are invested in. In some cases, you may be able to choose between a few different funds, but ultimately the choice on offer is often restricted.
On the other hand, most SIPPs allow you to invest your retirement funds in a wide range of assets including stocks, bonds and commodities. Ultimately, the decision is yours. You alone can choose where to place your money. In fact, you can move between platforms and providers if you’re not happy. In many ways, it’s ultimate control over your retirement planning.