Is a SIPP a stakeholder pension?
No, a SIPP is not a stakeholder pension.
A stakeholder pension and SIPP are both personal pension plans that are governed by the same contribution and tax relief rules.
However a stakeholder pension is a simple pension plan with limited investment options and maximum annual charges that must be met by providers.
A SIPP offers you complete control over how your pension pot is invested and the freedom to make changes. With the AJ Bell Youinvest SIPP you can choose from more than 2,000 funds, shares, investment trusts, tracker funds, corporate bonds and gilts. You are in control of the investment decisions. If you do not need this flexibility and choice then a stakeholder could be more suitable.
If you are not sure whether you need a SIPP or another type of pension, you should speak to a financial adviser.