Savers with a self-invested personal pension (SIPP) are changing investment strategies according to their stage of life, research from Interactive Investor has found.

The data showed that people still building up their pensions were more willing to take risks to grow their money over time, preferring global equity index funds.

In comparison, savers in drawdown focused on preserving their savings and generating a steady income.

Interactive Investor senior manager, Camilla Esmund, commented: “Our data reflects one of the most fundamental truths in retirement planning: pension investing is not a single decision, especially as we move through different stages of life.

“Our Great British Retirement Survey shows people are working for longer, are uncertain about when they can afford to retire, and are facing increasingly complex decisions about how to fund later life. This is not the time to compromise on your pension."

Esmund continued: “When choosing a SIPP, the headline fee only tells part of the story. Investment choice is important, whether you’re accumulating in your mid-30s to 40s and can take on more risk, or whether you’re nearer retirement.

"Your SIPP needs to be able to keep up and offer you what you need at each stage.”

The data also showed that funds were the most commonly held investment among Interactive Investor’s SIPP customers (as at 31 March 2026), accounting for almost 40 per cent of all holdings, followed by equities at 18.1 per cent and investment trusts at 11.5 per cent.

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