Britons who choose to invest in a Sipp do so because they want to make their own investment decisions about how their pension savings are managed, new research has revealed.

In a study conducted by Barclays Stockbrokers, almost a quarter cited this as the main reason for choosing a Sipp.

One in five, meanwhile, used it as a way to supplement other pension savings .

Despite this, further research revealed that out of the 783 people it surveyed, 12 per cent didn't have a pension and 13 per cent saw other long-term investments as a saving for the future.

Meanwhile, a survey conducted by Schroders has estimated that almost a third of adults in the UK have raided their savings over the past year to cover shortfalls in their income.

The investment firm said that savers have taken out a total of £60bn in this period.