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What is a SIPP?
A Self-Invested Personal Pension (SIPP) is a type of account that allows you to take charge of your retirement savings. You have the freedom to invest exactly where you want to and control how much money goes in and when.
You have all the same tax advantages as a traditional pension, and the government will still give you a boost of up to 45% (or 48% if you're a Scottish rate tax payer) on top of anything you pay in as tax relief.
You can even use a SIPP to combine all your old pensions into one easy-to-use online account. And take money out from age 55 (rising to 57 from 2028).
Pension and tax rules can change and any benefits will depend on your circumstances.
Join over 500,000 clients already using the HL SIPP
- Flexible payments - Monthly direct debits from as little as £25 a month, with the ability to pause or cancel payments if you ever need to.
- Invest where and how you want to - You can pick your own investments, select one of our ready-made portfolios, or pay a financial adviser to choose investments for you.
- Freedom at retirement - With the HL SIPP, you're free to choose from all the main retirement options, including taking a flexible income.
HL READY-MADE PENSION PLAN
A new investment solution which will make starting a pension even easier.
SIPP charges
The HL SIPP is free to set up and low cost to run. Our yearly charge for holding investments is never more than 0.45%. Some investments will have their own annual charges, so please check these first before you invest.
It’s free to buy and sell funds. Other dealing charges depend on the type of investment and how often you trade.
Important information: This page is to help you know more about your pension and is not personal advice. If you’re not sure what’s best for your situation, you should seek financial advice. Money in a pension is not usually accessible until age 55 (57 from 2028). Investments rise and fall in value, so you could get back less than you invest.
Know Your Pension Checklist
Our HL Know Your Pension checklist can help you with ways to be on top of your pension and to see how much your pension might be on track to pay. Easy-to-use online tools and calculators can help you plan better for your retirement.
Find out how big your pension pot is
Register for online access and log in to view your account at least twice a year – once at the very least.
Download the HL app, and view your SIPP on the go, whenever and wherever you like.
Nominate a beneficiary
Take control of where your money goes once you die. You can choose to nominate as many people as you like and should consider reviewing your nominations every three years.
Log in to your account, under Account settings, click 'Manage SIPP beneficiaries'. Or, download and complete an 'Expression of Wish form' and send it back to us by post.
Check your current contributions
Use this opportunity to review your current and future financial needs, and consider paying in more if you think you can afford it. Even a little bit extra can add up to a lot over time.
Remember, money in a pension can usually only be accessed from age 55 (57 from 2028).
Log in to your account, click the ‘Transaction History’ tab, then ‘View all contributions’.
Review your investments
Consider if your personal circumstances have changed and if that could have an impact on your investment objectives.
If you wish to make changes to your current investments depending upon your risk appetite, you can log in to your account and make changes in the Account Summary section.
Remember, all investments can go down as well as up in value so you could get back less than you invest.
The quarterly investment report we send you will have all the details of where your investments are held and how they are performing.
Find out how much you need to retire
If you are approaching retirement, consider checking in on your State Pension to work out how much income you’re going to need.
The Pensions and Lifetime Savings Association (PLSA) has proposed three living standards to help simplify saving for retirement.
Consolidate old pensions
Getting all your pensions under one roof can be an easy way to manage your pension more effectively, review regularly and stick to your targets.
If you’ve moved jobs or changed address you could have an old pension waiting to be found. To help you hunt down any lost pensions, we’ve gathered some helpful tips and tools.
Two simple ways to open a SIPP
Start with a bank payment
Set up monthly payments from as little as £25, or make one-off payments of £100 or more.
You can change your pension contributions whenever you like.
Transfer your old pensions
Transferring pensions from another provider, including old workplace pensions, can help you to take control of your retirement savings.
The fastest way to transfer is online.
Guides & tools
Pension calculator
Find out if you're on track to get the income you want in retirement.
How much should I pay into my pension?
We explore what to consider when deciding how much to contribute, and why it pays to start early.
How much can you pay into a SIPP?
If you're a UK resident under 75, you can usually pay in as much as you earn each year, up to £60,000 across all your pensions, and get tax relief. You may be able to pay in more or less than this amount if you have unused allowance from previous tax years, you're a high earner or have flexibly accessed your pension.
What can I invest in with a SIPP?
With a SIPP, you’re in control of how and where you invest.
To build your own portfolio, choose from over 2,500 funds, UK and overseas shares, investment trusts and more. Or, you can choose from a range of ready-made options where our team of experts will take care of the day-to-day investment decisions for you.
Why transfer pensions to the HL SIPP?
Moving old pensions to your HL SIPP can help you to take control of your retirement savings.
- Potential for greater returns
Choose from a wide range of investments, which could offer greater potential for your money to grow. - Flexibility at retirement
With the HL SIPP, you're free to choose from all the main retirement options, including taking a flexible income.
- Save time and money
One statement, one online account, one platform fee and one company to contact with questions. - A clear view
See your overall pension value in one place, which could help you to make better decisions.
Before transferring make sure you check you won’t lose any valuable benefits or have to pay high exit fees. If you choose to transfer your pension as cash you’ll miss any market rises or falls for a period. If transferring as stock is an option and you choose this, you will remain invested but may be unable to change your investments while the transfer is in progress.
FAQs
Making contributions
Managing your account
Transferring a pension
Taking money from a SIPP
Money in your pension is usually locked away until you’re 55 (57 from 2028). But any time after that, you can start to withdraw money, even if you’re still working.
Use your SIPP to buy a guaranteed income for life, or keep it invested and make withdrawals as and when you need to. Plus, get up to 25% tax-free (all other income withdrawals are taxable).
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SIPP Account FAQs
SIPP FAQs
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Boring Money Awards 2024
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Help and support
If you have any questions about pensions, you can speak to one of our UK-based client support experts.
Call us on 0117 980 9926
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