The self invested personal pension option is specifically made available through the specific system of the United Kingdom pension plan program, which has been passed into effect under the approval of government oversight programs. In this regard, the Self Invested Personal Plan option can be placed in the larger category of Personal Pension Plans.
In this regard, people who do not choose to secure Self Invested Personal Pension programs for themselves may opt for the alternative, in order to still gain access to some kind of Personal Pension Plan, of Stakeholder Pension Plans.
Self Invested Personal Pension programs have been set up in order to allow people to more specifically direct the course of their pension plan funding by making the decisions as to the investments to be made according to their own judgment, rather than leaving these judgments up to the decisions of plan administrators or financial advice consultants, as might otherwise be the case.
To this end, it should be noted that the particular Self Invested Personal Pension decision which is made will have to come under the oversight of, as provides for one source of limitation, the HM Revenue and Customs agency, which approves investment locations which can be selected in this context. It should be noted, however, that any kind of financial product can be covered under the Self Invested Personal Pension program and the HM Revenue and Customs authority. Some financial products secured through the Self Invested Personal Pension option may, moreover, be tax exempt.