Make the most of valuable tax allowances
Annual tax-free savings
The money you put into a SIPP comes from your income before paying tax. Effectively a government top-up of at least 20%.
Combine pension savings
You can use a SIPP to combine old pensions into one account, potentially saving fees and making it easier to manage.
Control over your pension savings
A SIPP can offer more control and flexibility than other pension schemes - especially when it comes to accessing your savings.
How we bring you onboard
When you're introduced to us by your Wealth Manager or Financial Adviser, you'll be given a personal link to get started. It's then easy to come on board.
1. Tell us who you are
We ask for basic information to get started. You'll need to be over 18, a UK resident and taxpayer, and not a US person.
2. Self-serve or take advice
Make your own decisions about product and investment choices. Or you can speak to a financial adviser for a one-off fee.
3. Choose a portfolio
Choose from our range of ready-made investment portfolios by finding one that best suits your circumstances and goals.
4. Decide how to save
After transferring your current savings to us, you can save a regular amount each month or make one-off payments.
5. Speak to a Specialist
Our Savings Specialists will take you through the final steps of your transfer and will do all the admin for you.
How much will it cost?
There's a total annual fee of up to 0.75% of the value of the assets in each product. This is made up of:
- Investment service fee of 0.52% for providing ongoing support in relation to your investment portfolio.
- Platform fee of 0.13% for running the online services that hold your investments.
- Fund fee of up to 0.10% for the operation of each of the funds within your investment portfolio.
There may be further transaction costs within the underlying funds, and Hubwise (our SIPP provider) might charge adhoc servicing fees.
If you would like to take financial advice before making any decisions, we charge a one-off fee of up to £500.
Learn more about the Self-Invested Personal Pension
A Self-Invested Personal Pension, or SIPP for short, is your own personal pension. It’s not managed by your workplace or the pension provider, so you can choose:
- Who you take your SIPP with
- How much money you invest and when (subject to the maximum government annual allowance of £60,000 across all your pensions per tax year before triggering a tax charge)
- How you invest your money
- The fees and charges you’re prepared to pay
- When and how you withdraw your savings (from age 55, rising to age 57 from 6 April 2028)
You might open a SIPP if you’re self-employed, or in addition to your workplace pension if you want to make the most of your pension annual allowance. The allowance gives 20% pension tax relief from the government (see "What are the tax rules for a SIPP?"). So for every £8 you pay in, the government will pay in £2. Please remember that pension and tax rules are subject to change, and the benefits of a SIPP will depend on your own circumstances.
You can also open a SIPP to combine older pensions in one place. This can help you manage your retirement savings, which makes it easier to plan and involves less admin. It could also save you money in fees. You wouldn’t transfer a workplace pension to a SIPP if you’re still working there and contributing to it. And you’re unlikely to invest in a SIPP instead of a workplace pension because you would miss out on any employer contributions.
Important! Before you transfer a pension you should always check if an exit fee applies and whether you would lose valuable benefits. See "What are safeguarded benefits" for more information.
The SIPP we offer has specific criteria around eligibility:
- You need to be under age 75 and resident in the UK for tax purposes. You must be at least 18 years old. Other providers may have different criteria.
- You can't open this SIPP if you live and work overseas (unless you’re a Crown Servant or the spouse or civil partner of a Crown Servant), or you're a US person.
With any SIPP you should be comfortable investing for the medium to long term (5 to 10 years).
SIPPs can only be held by a single individual. They cannot be held jointly.
You’ll receive at least 20% tax relief on any contributions you make to your pension. For every £8 you pay in, the UK government will pay in £2. If you’re a higher rate tax payer then you can claim more back through your self-assessment form. You only receive this tax relief on new contributions. If you transfer one pension to another, you won't receive tax relief again.
You pay no capital gains tax on the growth of your investment.
You can start to withdraw your pension savings from age 55 (rising to age 57 from 6 April 2028). When you do, the first 25% of the total value of your pension savings is tax free up to the Lump Sum Allowance of £268,275. After that you’ll pay income tax on withdrawals according to your marginal rate.
Annual allowance
The government gives most people tax relief on up to £60,000 of pension savings each tax year (including employer contributions). To get tax relief, you must be under the age of 75 and a UK resident.
You can’t contribute more than you earn (unless you earn less than £3,600, in which case you can contribute it all). You can pay into a pension if you have no earnings and pay no tax – up to a maximum of £2,880 a year, plus £720 from His Majesty's Revenue and Customs (HMRC).
You can’t withdraw your pension savings until you’re age 55 (this rises to 57 from 6 April 2028), so you might want to think about having some of your savings in a place where you can access them if you need to.
Tapered Annual Allowance
If you earn more than £260,000 a year (including employer pension contributions), then this annual allowance is reduced by £1 for every £2 over £260,000 you earn – until it reaches £10,000. This is called the Tapered Annual Allowance.
Money Purchase Annual Allowance
When you start flexibly accessing your pension savings, your annual allowance reduces to £10,000. This is called the Money Purchase Annual Allowance (MPAA). Please note - while purchasing an annuity is accessing your pension savings, it doesn’t trigger the MPAA. Also - if you move your SIPP savings into Income Drawdown, you can take a tax-free lump sum without triggering the MPAA, as long as you've not taken an income.
You should be aware that the money you put in will be at risk and you might get back less than you invested. You should only invest if you have sufficient emergency funds set aside to cover necessary expenses.
With a SIPP your money is placed in funds that are designed to go up in value more than a regular savings account. But that means the value of your savings could also go down and you might not get back the amount you invested. So when you choose how to invest your money, it’s important to understand what you’re investing in, and how these potential risks are managed. If you want to find out more about our investments, visit investment options .
Here is more information specifically on investment risk.
What would you like to do next?
Speak to a Savings Specialist
If you've been introduced to us by a financial adviser, you should have a link to our transfer form. For more information about the service we offer please contact us.
Transfer other pensions
Once you've opened an account, you can transfer the value of other pensions. Then you'll see everything in one place so you know where you stand and can plan for the future.
Important information
Remember that the value of your investment can go down as well as up and you could get back less than you invest. The information on this website should not be taken as a recommendation, advice or forecast. However, we do offer regulated financial advice if you're unsure about investing. Ask our Savings Specialists for more information about this service.
The tax you pay will depend on your personal tax position, and tax rules are subject to change by the UK Government. This is not tax advice. If you need more information, please speak to a tax adviser or an accountant.