Sipps set for changes
The rules regulating self-invested personal pensions (Sipps) are to be altered from October of this year, it has been announced.
Under the terms of the government's latest plans, individuals will soon be able to transfer their pension rights into their Sipp after restrictions on doing so were deemed unnecessary.
It is hoped that the changes will give people saving for retirement more flexibility when it comes to handling their pension assets.
"These changes will give more flexibility and investment choice to people taking an active interest in the management of their pension fund," said pensions minister Mike O'Brien.
"It will also be easier for individuals to transfer funds between different types of pension schemes and to consolidate pension rights in one place."
Last week, Fidelity International warned that rising inflation could leave many British pensioners with a diminished spending power unless they take steps to protect their assets.
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