Do you need a financial adviser for a SIPP?
A SIPP can offer wider investment choice than many personal pensions. That flexibility can be useful, but it can also create more decisions.
What is a SIPP?
MoneyHelper describes a self-invested personal pension as a type of defined contribution pension that usually offers a wider range of investment options than other personal pensions.
When can advice help?
Advice can be useful if you want a regulated recommendation on provider choice, investment approach, pension transfers or how the SIPP fits a wider retirement plan.
Compare provider and advice costs separately
The SIPP itself can have provider and investment charges. Financial advice is a separate cost, so understand both before moving money.
Be careful before transferring existing pensions
MoneyHelper warns that transferring can mean losing valuable benefits from an existing pension. Check guarantees and other scheme features before consolidating into a SIPP.