FAQS

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A Self-Invested Personal Pension (SIPP) is a type of UK pension plan that allows individuals to flexibly manage and control their pension investments according to personal preferences, selecting from a wide range of options.

With a SIPP, you contribute money into your pension fund, which grows tax-efficiently over time. You can choose from a variety of investment options. Your pension fund is tax-advantaged, meaning you receive tax relief on contributions up to certain limits. When you reach retirement age, you can access your pension pot as a lump sum, through drawdown, or by purchasing annuity.

Depending on your specific product:  

• Tax relief on contributions:  You may receive tax relief on your contributions. For example, basic-rate taxpayers receive £20 from the government for every £80 contributed, resulting in a total of £100.

 

• Tax-free growth: Investments grow without capital gains tax or income tax.

 

• Tax-free lump sum: From age 55 (rising to 57 from 2028) you can withdraw up to 25% of your SIPP as a tax-free lump sum.

A SIPP offers access to a wide range of investment options, including:

• Stocks and shares
• Bonds
• Mutual funds
• ETFs (Exchange-Traded Funds)
• Commercial property
• Cash or cash equivalents

Certain investments, such as residential property or collectibles (e.g., art, wine), are not permitted. See [Permitted Investments List] for further details (subject to change trustee discretion).

Contribution limits depend on your specific product:

• You can contribute up to 100% of your annual earnings with tax relief if you have relevant UK earnings.
• If your earnings are below £3,600 annually, you may still contribute up to £3,600 with tax relief.
• The annual allowance is £60,000. Contributions exceeding this may incur tax penalties and should be reported through your Self-Assessment tax return.
• If you have accessed pension benefits already, your annual allowance reduces to £10,000. Employer and third-party contributions (subject to due diligence) are also accepted.

See our [Contributions Fact Sheet] for further information.

Yes, you can transfer your existing pension from other schemes (e.g., workplace pension or another personal pension) into your SIPP. It's important to check for any exit fees or penalties before transferring and to consider the benefits of the transfer. Transfers from final salary pensions may be accepted depending on your product and require advice from a regulated financial adviser.

SIPPs offers a lot of investment freedom but carry associated risks. The value of your investments can go up and down, and poor performance may affect your retirement income. It’s important to regularly review your investment choices and consider seeking professional advice to help with decision-making. To manage your risks effectively:

• Diversify Your Investments: Consider spreading your funds across various asset types to balance potential returns and risks.
• Regularly Review Your Portfolio: Keep an eye on your investments and adjust as needed to stay aligned with your retirement objectives.
• Stay Informed: Being aware of market trends and economic factors can help you make informed decisions about your investments.

Fees vary based on your product. Please refer to relevant Fee Schedule available on our website and in your policy documents.

Once your SIPP is set up, you will receive login details for your member portal. For login assistance, please contact our friendly support team.

From age 55 (57 from 6th April 2028), withdrawal options include:

• • Lump sum: Up to 25% tax-free, with the remainder available for other retirement options.
  • Lump Sum: Up to 25% tax-free, with the remainder available for other retirement options.
  • Drawdown: Keep funds invested and withdraw taxable income as needed.
  • Annuity: Convert your pension into guaranteed lifetime income.
  • Combination: Mix the options above.

  More details can be found on our [Taking Benefits Fact Sheet]. Withdrawals can be initiated via your online portal or by contacting our friendly team.

Yes, you can continue to contribute to your SIPP after retirement. If you are under the age of 75 you will continue to receive the relevant tax relief within your limits. If you are over the age of 75 unfortunately you are no longer eligible to receive tax relief on our contributions.

It is important to have an up to date ‘expression of wish’ in place nominating your chosen beneficiary(s).  Trustees use your wishes as guidance but retain discretion on benefit distribution. 

• Death before age 75: Beneficiaries receive funds tax-free.
• Death after age 75: Beneficiaries may pay tax based on withdrawal method.

From April 2027, pension funds will be included in inheritance tax (IHT) calculations.   Please see our fact sheet for more information on taxation of these funds.

Yes, pension transfers to another provider are possible. Initiate via your member portal or by contacting our support team. If you have additional questions or need further assistance, please contact us. Independent financial advice is also advisable.