SIPPs range from a very basic investment model which will allow you to invest perhaps in a few carefully selected collectives and very little else to those SIPPs like the Montpelier bespoke SIPP that allow you to invest in all the asset classes within HM Revenue & Customs (HMRC) guidance.

SIPP providers are very different and you need to be careful to use one that can meet all of your needs.

Our SIPP will offer a wide investment choice ranging from stock market equities to overseas commercial properties.

It offers all the benefits allowed including a 25% tax-free lump sum (also known as Pension Commencement Lump Sum) of your fund. In the tax year 2007-08, you can have £1.6million in your individual pension pot without a tax charge. Any higher funds can lead to tax charges on the excess.

You can take benefits at any age between 50 and 75 although the minimum age for taking benefits will rise to 55 in 2010.

There is generous marginal rate tax relief on contributions of up to 100% of your annual earnings or the annual allowance whichever is lower. The annual allowance is currently £225,000 in to all pension funds

Anyone can take out a SIPP nowadays but unless you are considering making large contributions or have £50,000 built up in your existing pension funds the Montpelier bespoke SIPP might not be right for you just yet. A good independent pension and tax adviser will be able to explain whether it is the right pension vehicle for your particular circumstances or if you should wait a few more years before accessing our bespoke SIPP service.