In this day and age, different kinds of pension schemes are available. The three common type of scheme are the personal pension, company pension, and the new popular type which is the SIPP pension.
Personal pension is available to you even if you are employed, self-employed, or even an unemployed individual. It has a flexible kind of scheme known as the stakeholder pension.
Company pension is a scheme that is characterized into two types, which are money purchase and final salary (or ‘defined-benefit) scheme.
SIPP or also known as Self Invested Personal Pension is the type of scheme that allows you to a wider assortment of investment options. In this you are allowed to even invest into commercial properties and shares. This is available to both individual and companies. As for companies it is called as Group SIPPs.
And recently, some of the providers have commenced a new type of product. This product is known as the Family SIPP. This SIPP will allow individuals to form groups (it can be a group for family members, friends or business partners) and collect their pension arrangements into a single scheme. This SIPP Pension scheme will allow them more flexibility for planning their retirement.