W
hen Jaspal Saund transferred £743,000 that he had spent years building up in workplace pensions into his own self-invested personal pension (Sipp), he was terrified.
“If you lose the money, it is on you, nobody is going to step in and help you,” said Saund, 56, who is a chartered accountant.
Yet he felt it was something he had to do to turbocharge his pension, as getting a Sipp would allow him to invest more heavily in the stock market.
Now, nearly 20 months and 95 trades later, Saund, who lives in South Woodford, east London, has grown his pot by £167,000, to £910,000, despite saving only £7,200.
