top of page
Pipe work check

Self-Invested Pension Plan (SIPP)

Invest with a pension that puts you in control of your future

It's important to read the information on this page before you get started. Here's why our SIPP could suit you:

 

  • Start with a one-off amount or pay in monthly – and benefit from tax relief

  • Invest based on how confident and experienced you are

  • Flexible ways to take your money in retirement

What is a SIPP?

It’s a self-invested personal pension, or SIPP for short. This type of tax-efficient personal pension usually offers a wider range of investment choices than other types of pensions, putting you in control of how you invest your pension pot.

It might be something to think about if you don’t already have a workplace pension, or you’re looking for another way to invest alongside a workplace pension.

If you already have several pensions, you could open a SIPP as a first step towards bringing them all together, which could mean less admin and fewer passwords to remember. 

The value of a SIPP can fall as well as rise, so you could get back less than the amount that's been put in.

Already have a pension with us?

illustration-existing-customer_700x470px.png

How our pension makes it easy for you

Open it in minutes

To apply, you just need your National Insurance number, and your bank or debit card details to set up payments

Pay in how it suits you

Put in as little as £25 a month (you can start or stop payments at any time), make a one-off payment of at least £5,000, or do a bit of both - a minimum one-off payment of £1,000 plus monthly payments of £25 or more

Invest your way

Choose from one or more of four investment options, from novice to pro

Track your progress, wherever you are

Manage, monitor and make changes to your pension with our award-winning online service

Every pension payment you make automatically gets basic rate tax relief of 20% from the government (even if you're not a tax payer). So, if you put in £800 you'll get an extra £200 into the pension.

There are limits on how much you can build up in pension benefits without paying a tax charge. 

Tax benefits depend on your personal circumstances and can change in the future.

Boost your SIPP with tax relief 

Woman with Laptop

What to think about before you apply for a SIPP with us

Benefits

Tax benefits

A SIPP can be a tax-efficient way to boost your retirement savings. You can have a SIPP alongside other investments such as ISAs and workplace pensions.

Range of investment choices

Decide how hands-on you want to be. Choose from ready-made funds to a portfolio you build yourself, including ethical and environmental options. You can also choose from shares and other exchange traded investments.

Flexible retirement options

From the age of 55 (increasing to 57 on 6 April 2028) you can take a cash lump sum, withdraw only when you need it, buy a guaranteed income for life, or a bit of everything. However you take money from your pension, 25% of your pension income will be tax-free.

Things to consider

Investment risk

SIPP investors need to be happy to make their own decisions and appreciate that investments can fall as well as rise in value. SIPPs don't have an investment approach that reduces the risk level of your investments as you get closer to retirement that you may get from a workplace pension. If you're not sure what’s best for you, you may want to get financial advice. 

If you’re paying into a workplace pension

Your employer adds to your workplace pension, helping to build up your pot. A SIPP isn’t meant as a replacement for this, but can be used alongside it. Before you take out a SIPP, it’s worth checking whether you might be better off paying more into your workplace pension – for example, because your employer might put in more too.

Age limits on paying in and taking money out

You can’t touch the money in your pension until you’re 55, and this will increase to 57 on 6 April 2028. You can also only pay into a SIPP until you turn 75, but you can transfer a pension at any age.

Our investments and SIPP charges

How to choose investments

 

There are four ways to decide how you invest in your SIPP.

  1. The most straightforward approach is to pick one of our ready-made funds.

  2. If you’re a more experienced investor, you might prefer browsing a narrowed-down fund shortlist from our experts.

  3. The most confident investors can build their portfolio using our full range of funds.

  4. Finally, experienced investors can buy and sell shares and other exchange traded investments.

What are the investment charges?

 

We won’t charge you for opening a SIPP and there’s no charge to transfer your investments to us. However, your existing provider may charge you for leaving them, so you’ll need to make sure it all adds up before making the move. Once you have a SIPP with us, these are the charges you can expect to pay:

Funds

 

You'll pay a Charge of up to 0.40% for the value of your funds or cash, depending on how much you invest.

There's also a Fund Manager Charge that will depend on the funds that you've chosen. This charge is included in the price of the fund.

We won't charge you for buying or selling funds.

Shares and other exchange traded investments

 

You'll pay a Share Charge, which is 0.40% of their value, capped at £120 a year. 

There'll be a Fund Manager Charge for exchange traded funds and investment trusts that will be included in the price of the investment. 

When you buy shares and other exchange traded investments, there'll be a Trading Charge for every trade you make.

You can open a SIPP with us through your secure online account. If you don’t yet have an account, you’ll need to contact our team to set one up. It only takes a few minutes – just make sure you have these to hand:

 

  • Your National Insurance number

  • Your bank account or debit card details

Ready to apply?

Cat and Working

Why choose us?

We believe we’re the best - but you don’t have to take our word for it.

An award-winning choice
We continue to receive recognition for our investment platform.

Our past, your future
We’ve been protecting people like you for over 16 years.

Invest in your future, and the future of the planet
With our investments that take environmental, social and governance (ESG) factors into consideration.

Other ways to use your money

If you’re not sure if income drawdown is right for you, take a look at other options for taking money from your pension once you’re retired. You can see more and compare your options here.

Golfer with a golf cart

Know exactly how much money you'll get with our annuity that gives you a guaranteed income for the rest of your life.

Pension Annuity

Romantic Picnic Couple

Choosing a few retirement options ( rather than just one) could help you get the retirement lifestyle you're after.

Mix and match your retirement options

Tourist Couple with Map

See the impact of withdrawing your pension money as one lump sum - and what you can do instead.

Taking all your pension in cash

Man Fishing in the River

Not touching your money right away could make a difference to the size of your pension pot.

Leave your money where it is for now

More help with your pensions

Transfer your pensions

If you have a pension, or several pensions, you can bring everything together in one place. Even if the amounts are small, it all adds up.

Your workplace pension

Our savings marketplace offers you a selected range of cash savings accounts. Each has competitive interest rates, so it's just a case of finding the one that best suits you.

Manage your pension

Start saving for your retirement, or bring all your pensions into one place with out flexible Self-Invested Pension Plan (SIPP).

Learn more about savings and investments

Not sure if you should save your money or use it to invest? Our articles can help outline the options open to you.

Man Reading a Book

Find out how you could make your money work smarter with our easy-to-understand guide.

What is investing?

Yoga Pose

Our Head of Savings and Retirement explains what to do with your investments in times of market volatility.

How to keep calm when stock markets fluctuate

Planting a Tree

We explore why profit with purpose is no longer a
pipe-dream for ethical investors.

Ethical investments: profit with purpose

Brainstorming Session

Thinking of investing? Here's what you need to know about funds.

Investing in funds: the basics

bottom of page