What will be the advantages of SIPPS pensions be after A-Day?
The main advantage of SIPP Pensions post A-Day (6th April 2006) is their Control and flexibility of investments, and even more so the fact that you can invest into residential property.
The things that you cannot currently do under current legislation are:
From the 6th April 2006 (A-Day) you will be able to buy residential property, and that residential property could be something that you or your family own. This potentially opens up a massive new market and exciting new opportunities.
Over the last couple of years buy-to-let property purchases have become very big business in the UK, and a lot of people might not have the money personally to invest any more into buy to let, or get on the buy-to-let ladder. However they do have money invested their pension scheme that could be regarded as 'dead' money because they just let it sit there every year. Due to the change in legislation, suddenly they can release that money from their savings account with an insurance company into a SIPP and begin to buy property.
Post A-Day the 3 main asset classes you can invest in are:
The changes will be quite dramatic. All the old rules will be forgotten and instead like your personal self assessment tax return, you will have a pension self assessment tax return to fill in.. Thus A-Day should mean more control off your pension.
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