Starting a SIPP is easy and we charge no set up fees. You can make new contributions to save for your retirement or transfer a pension you already hold (e.g. from an old job).
New contributions: apply online with your debit card (min. £100) or to start a monthly direct debit (min. £25). Or send a cheque (min. £100) with a SIPP application form. Find out more about how much you can contribute.
Before transferring please ensure you will not lose valuable guarantees or incur excessive exit penalties. Pensions are usually transferred as cash so you will be out of the market for a period.
The annual allowance (generally £40,000) is the maximum amount that can be contributed by anyone (yourself or your employer, for instance) into all your pensions in a tax year. Contributions above the annual allowance are taxed as income, unless you are able to carry forward unused annual allowance from any of the last three tax years. The annual allowance does not apply to any pension transfers.
The lifetime allowance (currently £1 million, and rising with CPI inflation from April 2018) is the total value you can hold in pensions without incurring an additional tax charge. This is measured whenever you take benefits, reach age 75 or die, whichever is soonest.