When is a SIPP not a SIPP? Time for a terminology rethink

Self-invested personal pensions (SIPPS) were introduced by the Finance Act 1989, with then-chancellor Nigel Lawson announcing that it should be "easier for people in personal pension schemes to manage their own investments". The name of the game was flexibility – to invest in commercial property, unquoted shares and other non-standard assets, as well as more mainstream investment options. It was designed as a solution for individuals to have greater control and flexibility over their retirement savings compared to traditional personal pensions. At the time, the alternative was life of...