The days of holding exotic assets within pensions may be numbered as the watchdog signals a crackdown and pension companies tighten their rules.

Many people have simple personal or workplace pensions invested in a range of mainstream funds, often selected on their behalf.

But for the more adventurous, self-invested personal pensions (Sipps) give far greater freedom over investment choices. Shops, farmland, pubs, nursing homes and even boat moorings can be held in a Sipp as long as the pension company that administers it agrees to the investment.

These arrangements allow people to harness their pension savings – which you cannot normally access until the age of 55 – to fund business interests. The assets involved are held within the Sipp just like shares, bonds or funds and pay any returns directly into the pension.

Alison and Nick Highton are using Mr Highton’s pension money, built up during his career as a pilot, to buy the moorings, workshop and car park needed by Mrs Highton’s business, Oliver’s Sailing Holidays, in the Norfolk Broads.

The couple met windsurfing and both went on to win world championships in the Eighties.

“I worked with adults with learning difficulties, but this has always been my dream,” said Mrs Highton.