SIPPs are used by clients as part of their retirement plans and are essentially tax-wrappers giving their holder Capital Gains Tax exemption in exchange for limited accessibility. A wider range of investments can be held by SIPPs than standard pension plans  - such as equity and commercial property.

“Kleinwort Benson has advised its clients for many years on the advantages of contributing to a SIPP as it is tax efficient, offers investment flexibility, discretionary portfolio management and flexible retirement options,” said Guy McGlashan, head of private wealth management services at Kleinwort Benson.