The idea of managing your own pension can fill most people with dread – and so it should. After all, if things went pear-shaped you will have nobody to blame but yourself. But despite the dangers, I have been running my own retirement fund profitably through a Self-Invested Personal Pension, or SIPP, for a number of years. And here’s why.
Firstly, I am a big DIY fan. Generally, I am happy to undertake most tasks that I consider to be within my capabilities rather than pay for professional help. In fact, at the weekend, armed with rubber gloves, wellies and a set of drain rods, I successfully unblocked my outside sewer — it would have cost me almost £200 if I had called out a drain doctor. Naturally, I had to do some basic research on the Internet first to assess the difficulty of the job at hand before I plunged in….