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A SIPP is a type of personal pension where the member or policyholder can select the investments or the assets held by the scheme, subject to some statutory restrictions. It can be used, for example, to hold commercial property from which the member trades.
These arrangements are often used by sole traders, directors and high net worth individuals. A SIPP is designed for people who want to take advantage of the wide range of investment options, but who would prefer to do this with the help of a Financial Adviser, rather than doing so alone.