Why do I need a SIPP?

A SIPP works like a standard personal pension but gives the holder more flexibility and control over their investments. ... A SIPP gives you significant tax advantages on your savings. You're guaranteed a 20% tax bonus and higher rate taxpayers could enjoy a further 25% deductible tax relief on SIPP contributions.

Why is a pension scheme important?

Pensions have many important advantages that will make your savings grow quicker. A pension is basically a long-term savings plan with tax relief. Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead.