It used to be the case that SIPPs were only really for the richest people of society, taking control of their pensions by releasing their funds from more inflexible arrangements. That’s no longer the case, though it’s worth remembering that with many funds, you’ll be looking at a minimum initial investment or “transfer in”.

Due to the costs a SIPP may not be a great option if you’re just starting out with your pension saving. So it pays to research the various low-cost SIPPs on offer carefully before selecting which one to go for, as they are certainly not all identical.

The first thing to consider is precisely where you can invest – with some SIPPs you won’t be able to invest in private companies, commercial property or overseas currency for example, so if your heart is set on making some cash out of fluctuations in the dollar, make sure your SIPP of choice allows you to do so!

It is also worth considering taking advice from a suitably qualified individual that is more expert in the area of pensions than you.