Do you want to have more control over the savings and investing of your pension fund? If so, then you should consider taking out a Self-Invested Personal Pension (SIPP). This type of private pension [http://mycareercontent.com/investment/7-top-tips-for-finding-the-perfect-uk-pension-for-your-future.html] allows you to make your own investments into a Personal Pension fund. Available since 1989, the main aspect that has made SIPPs popular, is the wide variety of investments that you can make into them. Here are some tips to help you select the best SIPP for your needs:

1. Know the rules of SIPPs

As with any other type of investment it is important to know the rules of SIPPs. If you are a UK resident and are less than 75-years-old, then you can take out a SIPP. Since 2006, the UK government has allowed Britons to contribute a maximum of £215,000 annually into a SIPP fund. By the year 2010, that figure will increase to £255,000. However, if you earn less than that figure, the maximum figure you can contribute is your gross pensionable income. Finally, while you may invest property into a SIPP, you may NOT invest in holiday homes or buy-to-let properties.

2. Learn the tax details of SIPPs

Tax issues related to SIPPs can be somewhat complex. Thus, it is advisable that you ask your IFA and accountant to explain the details to you clearly.

3. Learn the benefits of SIPPs

As with other types of pensions, SIPPs can provide you with various benefits. For instance, SIPP investments are tax-free. Even if you are not a high-rate tax payer, you can still save a substantial amount through tax-free investments into a SIPP.

4. Learn the drawbacks of SIPPs pensions

Just as other types of pensions have drawbacks, so the SIPP has some disadvantages as well. These include the following issues:

• Your pension fund will actually own the property that you purchase

• You must pay market-rate rent for homes that you purchase for SIPPs

• You must pay stamp duty and legal fees when selling a property to your SIPP pension fund

• You must obtain the permission of the property's trustees, to conduct home improvements on properties invested into SIPPs

5. Learn what you can invest into SIPPs

Due to official changes to SIPPs in April of 2006, you may now make a wide variety of investments into SIPPs, including:

• deposit accounts

• gilts

• insurance company funds

• investment trusts

• National Savings products

• residential property

• shares

• stocks

• traded endowment policies

• unit trusts

It is important to learn the logistics of each of these types of investments. Also, even though you will ultimately be selecting which investments you will make, it is still advisable that you seek the guidance of an IFA.

6. You will probably be required to purchase an annuity

However, this is unnecessary if you could still live on a lower income.

If you want more control of your pension, then you should consider a "do-it-yourself" SIPP. The aforementioned tips will help you to select the best SIPP for your particular retirement plans.