A Self Invested Personal Pension (SIPP) is a government approved UK personal pension scheme
£18.6 billion was added to personal pensions in 2013-2014 with 5.5 million people contributing
Since their introduction in 1989, more than a million people have used SIPPs to further their pension pot
However SIPPs can be risky as they rely entirely on the success of investments
It has emerged that some people have been mis-sold investments as a part of their SIPPs and are losing their hard earned pensions
Last year the Financial Services Compensation Scheme (FSCS) saw a rise in complaints related to SIPPs and have set aside £100 million to pay for compensation costs
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