I’m hunting for the best shares to buy for my self-invested personal pension (SIPP), and I’ve found five FTSE 100 stocks I’m considering today. They offer a brilliant combination of a solid yield and decent valuation to turbocharge my pension savings.

Building a £1m SIPP over a working lifetime is more than doable, for those who start early and stick at it. Let’s say somebody invested a relatively modest £250 a month and increased that by 5% every year. If their portfolio grew at 7%, the average annual total return on the FTSE 100, they’d have £1.27m after 40 years.

FTSE 100 opportunities

I’ll start with a stock I’ve been keen to buy for years, construction equipment rental specialist Ashtead Group. Its shares are up 6.39% in one year and a blistering 194.03% over five. Many investors forget this is a top dividend stock too.

Ashtead has increased dividends at an average 21.7% over the last decade, according to AJ Bell. Management is now considering listing in New York instead of London, to boost its valuation. Given the group generates 90% of its sales through US subsidiary Sunbelt Rentals, that could make sense.

Even the best companies have risks, and Ashtead could stutter as the US economy slows. With a long-term view, however, I’d still love to pop it into my SIPP today.

I’d supplement it by purchasing four other stocks with solid dividends and undemanding valuations. Consumer goods specialist Reckitt looks nicely valued at just 13.8 times earnings, while yielding 4.38%.

The Reckitt share price has crashed 26.71% over 12 months, and 34.23% over five years. By purchasing today and holding for the long term, I’d hope to benefit from the recovery, if and when it comes.

The Schroders share price has also had a rough year, falling 16%. What it needs is a good stock market bull run to boost customer flows and assets under management. I don’t know when that will come, but while I wait, I’d reinvest its generous 5.69% yield to build up my position.

Good value stocks

Tesco shares look good value trading at 12.8 times earnings and yielding 4.01%. They’re up 14.78% in a year but could climb higher up when interest rates are finally cut, and consumers hopefully feel a bit better off. The grocery sector is highly competitive, so I see Tesco as a slow burner.

Finally, I’d maybe add FTSE 100 bank NatWest Group. It looks dirt cheap trading at 6.3 times earnings while yielding a handsome 5.48%. Its shares are up 18.86% in a year. The risk is that margins will narrow when interest rates are cut, but a stronger economy should offset that.

Like all of the stocks listed here, NatWest will benefit when the UK clicks into recovery mode. That could take time, but then so does building a million-pound SIPP. Well worth the effort, though.