Self-Invested Personal Pension (SIPP)

In the UK, if you want to put something in the back of your car, you put it in the boot. If you want to find something in the dark, you use a torch. If you want to ride up a few floors, you take a lift.

If you want to save money for retirement, you use a Self-Invested Personal Pension.

The term refers to a program okayed by the British government to help people save for retirement. Instead of the limited choices with some other retirement accounts, the SIPP allows a wider range of options. Contributors can invest their funds in any of the investments approved by HM Revenue and Customs, or HMRC, the UK tax authority.