Investors are set to gain greater control over their pensions, as the government this week confirmed that, from October, 'protected rights' money from contracting out of state pensions can be invested alongside other funds in a self-invested personal pension (Sipp).

This change could see up to £100bn of protected rights money currently sitting in underperforming life insurers' funds or cash switched into the greater range of investments offered through a Sipp - such as hedge funds and structured products.