So what are the rules?
You can move existing pension plans including (take advice!!!) old occupational pensions into your plan providing the annual contribution does not top £255,000.
Money from existing pension funds will be transferable into Sipps free of tax although the relevant companies are likely to charge administration fees for doing this.
If, like most people, you earn less than this, the maximum amount that you can pay in during any one year will be limited to your gross pensionable income. Like any other pension investment, this money will count against your tax bill.
You can also borrow to boost your plan although few do this. The maximum that can be borrowed is 50 per cent of the fund's value. So a person with a £200,000 fund will be able to borrow £100,000 to invest.
Anyone taking out a Sipp must be a UK resident and under 75.
Investing in exotic products like jewellery, fine wines, antiques and classic cars is definitely out but it is possible to invest commercial property in a Sipp.
Buy to let property is not allowed.
What are the rules?