Cash held within your SIPP is typically considered part of your pension 'wrapper'. The term 'pension wrapper' refers to the tax-efficient environment in which your pension savings and investments are held.
The 'wrapper' includes all the assets held within the SIPP. This can encompass cash and securities, specifically ETFs in the case of InvestEngine SIPPs.
It's important to note that while cash held within your SIPP is part of the pension wrapper the funds held as cash are uninvested and do not generate investment returns on their own or pay out interest.