very basic SIPP question

Doglover88

I heard from a lad at work about opting out of state pension and buy property(ies) and claiming a percentage back tax relief. Is there any links to explain this further (and in laymans terms)?
Or could someone please run through it roughly? I'm 28 and have quite a good company pension at present

EdInvestor

Hi glenbat

We're really getting confused now LOL.:D

I suspect you might be confusing two things: SERPS and SIPPS.

SERPS is the old name for the second state pension, which you can opt out of.

SIPPs are self invested personal pension wrappers, into which you will be able to put properties next year.There are various threads about SIPPs on the board at the moment and also one near the top about opting out of SERPS.

The two are not really connected, not least because for some unknown reason you can't put a SERPS opt out pension is a SIPP, though pretty well all other opensions can go in. It's that nanny state again.... :rolleyes: