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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.

New

HL READY-MADE PENSION PLAN

A new investment solution which will make starting a pension even easier.

Find out more

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.

View SIPP charges

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

Download the HL app, and view your SIPP on the go, whenever and wherever you like.

View your pension

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.

Who will inherit my pension?

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).

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.

SIPP investment strategies

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.

Read article to learn more

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.

Open a SIPP

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.

Try the calculator

5 costly pension mistakes to avoid

Discover 5 tips to make the most of your pension.

Read article

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.

Read article

Up to £60,000 a year

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.

More about paying into a pension

Up to £60,000 a year

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.

SIPP investment ideas

Switch your pension on

Helping people save and invest for over 40 years

Trusted by 1.9 million clients

We’re a financially secure company, authorised by the Financial Conduct Authority. And have won over 200 awards.

Expert knowledge and guidance

Get the latest investment news, research and insight. Plus tools to help you make decisions with confidence.

Ongoing support

Help from our UK-based client support team. Or personal financial advice from our highly qualified experts.

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

How much more can I pay into my SIPP?

If you’re a UK resident under 75, you can make a personal pension contribution and benefit from tax relief at your highest marginal rate. Broadly speaking, tax relievable contributions are limited to £3,600 (gross) or 100% of your relevant UK earnings, whichever is higher.

Pension contributions are also limited by the annual allowance which is currently £60,000 for most people. The annual allowance is reduced for some people with higher earnings or those who have flexibly assessed a pension. This limit applies across all pension schemes, so you’ll need to make sure you look at any contributions made to your HL SIPP this tax year, as well as any contributions to other pension schemes when calculating how much more you can pay in. Higher earners may also be able to carry forward unused allowances from previous tax years.

To find out more about how much you can pay in, download our factsheet.

Pension and tax rules can change and benefits depend on your circumstances.
How do I make a personal contribution to my SIPP?

The quickest way to add money to your SIPP is online or with the HL app. Please read the key features (including contribution checklist) first, then:

1. Log in to your account with the HL app or online
2. Under 'Actions', choose 'Add money online' or for the app 'Add money'
3. Follow the instructions to add money with your debit card

Money in a pension isn’t usually accessible until age 55 (57 in 2028).

Managing your account

How do I find my client number or username?

You’ll find your client number on your most recent statement or the letter we sent to you when you opened your account. You can also find it in the top right-hand corner when you log into your account online.

If you’ve forgotten your username, you can request a username reminder online. You’ll need your client number and the email address you chose for your account. We won’t be able to provide your username by telephone or post.
How do I reset my online password or secure number?

If you’ve forgotten or locked your login details, you can reset them online.

We’ll ask you to confirm your username, date of birth and your security questions. You’ll then have the option to reset your Online Password, Secure Number or both.

Transferring a pension

What type of pension can I transfer?
You can transfer most types of pension to the HL SIPP:
- Personal and stakeholder pensions
- Pensions in drawdown
- Retirement Annuity Contracts (RACs)
- Self-Invested Personal Pensions
- Most Additional Voluntary Contribution plans (AVCs) including Free Standing AVCs
- Executive Pension Plans (EPPs)
- Most paid-up occupational money purchase pensions
- Old protected-rights pensions accrued from contracting out of the State Second Pension or SERPS (State Earnings Related Pension)
If you’re part of a defined-benefit (DB) pension, such as a ‘final salary’ scheme, transferring your pension to a personal plan is probably not in your best interest. These pensions not only give you a guaranteed income, they also normally offer benefits to a spouse or partner after you die. You might be able to transfer, but if the transfer value is more than £30,000, you’ll have to take advice from a regulated financial adviser and provide proof that the advice is in favour of transferring.
How long will the transfer take?

If your pension is transferred as cash, this means your provider will sell your pension investments, and transfer the cash amount to your HL SIPP. You will not be invested during the transfer, so you will not make losses or gains. You can buy investments once the transfer is complete. Electronic transfers usually takes 3-4 weeks, and postal 8-10 weeks, depending on your provider.

If your pension is transferred as it is (invested in the stock market), your provider will transfer each investment and any cash to your HL SIPP. If you hold an investment we do not offer, we’ll contact you during the transfer to confirm your preference. This type of transfer usually takes 6-8 weeks, but can take longer depending on your investments and provider. You stay invested during the transfer, so could make gains and losses. Usually you cannot trade until the transfer completes. Please note, we can only accept online applications of this kind for existing Self-Invested Personal Pensions or Small Self-Administered Schemes. If you hold a different pension, and are eligible to transfer your investments, please contact our helpdesk on 0117 980 9926 for a postal application.
What are the charges for transferring to you?

We don’t charge you to transfer your pension, but you should check with your current provider if they’ll charge you any exit fees, or if you’ll lose any guarantees by transferring. Make sure you do this before you start your transfer.

View our SIPP charges
Can I transfer to you and then take money out of my pension immediately?

Yes, but normally only if you’re 55 or over. You’ll need to transfer your pension first. Then, once your transfer is complete, you can apply to take money from the HL SIPP.

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).

Your retirement options

YOUR PENSION IN
YOUR POCKET

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SIPP Account FAQs

Logging in online means you can look after your accounts and trade from your computer, tablet or smartphone. Here’s how to log in.

Before you start

You will need your Username, date of birth, Online Password and Secure Number to log in. If you have not set these up yet, you can register for online access.

How to log in on the website
1. Select 'Log in' in the top right-hand corner of the website
2. Enter your Username in the first box. Your Username will usually be a combination of letters and numbers that you created
3. Enter your date of birth using the format ddmmyy. For example, if you were born on 1 January 1970, enter 010170 without spaces, commas or other characters
4. Select ‘Continue’
5. Enter your Online Password. This is a combination of letters and numbers that you’ve created, and contains at least 1 upper case letter, 1 lower case letter and potentially a special character
6. You will be asked for 3 randomly selected digits from your Secure Number. Your Secure Number is 6 digits that you chose when you set up your security details. Enter these in the correct boxes
7. Select ‘Log in’
8. If you have two-factor authentication enabled, we will also send a verification code to your preferred phone number by SMS or call back each time you log in. Enter this code into the box in full and select ‘Log in’
Log in online

How to log in on the app
1. Select ‘Accounts’ in the bottom left corner
2. If it is your first time logging in, or if you have not saved your details or set up biometric authentication, you will first need to enter your Username. Your Username is usually a combination of letters and numbers that you created
3. Enter your date of birth using the format ddmmyy. For example, if you were born on 1 January 1970, enter 010170 without spaces, commas or other characters
4. Select ‘Save my username and date of birth’ if you want to speed up the process in future, then select ‘Continue’
5. Enter your Online Password. This is a combination of letters and numbers that you created, and contains at least 1 upper case letter, 1 lower case letter and potentially a special character
6. Select ‘Continue’
7. You will be asked for 3 randomly selected digits from your Secure Number. Your Secure Number is 6 digits that you chose when you set up your security details. Enter these in the correct boxes
8. Select ‘Continue’
9. If you have two-factor authentication enabled, we may also send a verification code to your preferred phone number by SMS or call back. Enter this code in full and select ‘Log in’
10. You may be asked if you want to set up biometric authentication, either with your fingerprint or facial recognition (depending on the device you’re using). If you do not want to do this, select ‘Not now’
How to recover your Username

If you’ve forgotten your Username details, here's how to recover it and log back in to see your accounts in just a few steps.

Before you start

If you know your login details and just want to make changes, you can change them in your account without having to reset them.

How to recover your Username on the website
1. Select 'Log in' in the top right-hand corner of the website
2. Select the ‘Forgot your username?’ link
3. Confirm whether you know your Client Number. You can find it if you’re logged in on the mobile app, or on statements and account letters we’ve sent you
4. Enter your last name, email address, and either your Client Number or date of birth
5. Select ‘Continue’ to confirm
Recover Username

What happens next

We will email you your Username.

Once you have it, you will be able to use it to log in along with your other security details.

How to reset your Online Password or Secure Number

If you’ve forgotten your Online Password or Secure Number, here's how to reset them and log back in to see your accounts in just a few steps.

Before you start

If you know your login details and just want to make changes, you can change them in your account without having to reset them.

How to reset on the website
1. Select 'Log in' in the top right-hand corner of the website
2. Enter your Username
3. Enter your date of birth using the format ddmmyy. For example, if you were born on 1 January 1970, enter 010170 without spaces, commas or other characters
4. Select ‘Continue’
5. Select ‘Forgot your Online Password?’ or ‘Forgot your Secure Number?’
6. Enter your security details, including the answer to your chosen security question, and select ‘Continue’
7. If you have two-factor authentication enabled, we’ll also send a verification code to your preferred phone number by SMS or call back. Enter this code into the box in full and select ‘Log in’
8. Enter the new Online Password or Secure Number you have chosen
9. Select ‘Update’ to confirm
Reset details

What happens next

You will be able to log in with your new details once you have finished updating them.
To update your address:
1. Log in to your account
2. Just above the table showing your account(s) and its value, you will see a number of tabs. Click the ‘Account Settings’ tab towards the right hand side of the screen
3. Select the ‘Personal details and statement delivery’ option on the left hand side of the screen
4. In the ‘Personal details’ box, click ‘edit personal details’, update as appropriate and click Save
Please note that we need to conduct an electronic verification check for any address change request. If you are yet to move into your new address, or have only lived there for a short period of time, it is likely that you will not pass the automated process. In the event we cannot verify you electronically, we will contact you to request paper documentation so that we can conduct a manual check.
Adding money to your HL accounts gives you more to save and is usually quickest online. Here's how to add money to a SIPP.

Before you start
- You cannot usually access money in a SIPP until age 55 (57 from 2028). Make sure you are comfortable with this and have read the SIPP Key Features, before you add money.
- The debit card you use should be in the same name as the HL account holder, and registered to your home address.
- If you're looking to top up by employer contribution then visit this page.
How to add money on the website
1. Log in online to see your accounts
2. From the list of actions, select ‘Top up’ next to 'Self-Invested Personal Pension (SIPP)'
3. Read the Key Features and terms and conditions before going any further
4. Enter the amount of money you want to add (£1 minimum)
5. Enter the 16-digit number across the middle of your debit card
6. Enter your card’s expiry date in the format MM/YY
7. Enter the CVC number. This is the last 3 digits on the back of the card
8. Select ‘Make payment’ to confirm
Add money online

How to add money on the mobile app
1. Select ‘Accounts’ in the bottom left corner
2. Log in using the verification method you have set up
3. Select 'Self-Invested Personal Pension (SIPP)'
4. Read the important information shown
5. Enter the amount you want to add then select ‘Continue’
6. Enter the details of the debit card you want to use
7. Select ‘Make payment’ to confirm
What happens next

Your ‘amount available to invest’ will update as soon as the payment is authorised, although the money may not leave your bank account until a few days later.

You will be able to trade as soon as you have added money.
Direct debits mean you can add money to an HL Self-Invested Personal Pension (SIPP) and invest automatically each month. Here's how to set up or amend a direct debit.

How to set up a direct debit

Before you start

You will need your login details to hand. If you have not yet set these up by registering for online access, you can register here.

You can invest a minimum of £25 per fund or share each month.

How to set up on the website
1. Log in online to see your accounts
2. Select 'Self-Invested Personal Pension (SIPP)'
3. Select the 'Monthly savings' tab from the options above your account overview
4. Select 'Start a Regular Savings plan in this account now'
5. Ensure you have read the Key Features
6. If you wish to invest monthly in a fund, select 'Add Fund'
7. Select a fund manager from the drop-down menu, then select a fund from the second drop-down menu
8. Enter the amount you want to invest in your chosen fund every month. The minimum is £25
9. To invest in a share every month, select 'Add Share'
10. Select a share from the drop-down menu
11. Enter the amount you want to invest in your chosen share every month
12. If you want to leave any money uninvested each month, enter this amount in the last box then select 'Next'
13. Add your bank details, then select 'Next' to confirm
How to set up on the mobile app
1. Log in to see your accounts
2. Select 'Self-Invested Personal Pension (SIPP)'
3. Select the 'Monthly savings' tab from the options above your account overview
4. Select 'Start a Regular Savings plan in this account now'
5. Ensure you have read the Key Features
6. If you wish to invest monthly in a fund, select 'Add Fund'
7. Select a fund manager from the drop-down menu, then select a fund from the second drop-down menu
8. Enter the amount you want to invest in your chosen fund every month. The minimum is £25
9. To invest in a share every month, select 'Add Share'
10. Select a share from the drop-down menu
11. Enter the amount you want to invest in your chosen share every month
12. If you want to leave any money uninvested each month, enter this amount in the last box then select 'Next'
13. Add your bank details, then select 'Next' to confirm
What happens next

You will see confirmation of your monthly savings plan on the next page.

The money will be taken on the 7th of each month, and your trades made on the 10th.

How to amend a direct debit

It is possible to amend your regular investing instructions via the HL app or online.

How to amend on the website
1. Log in and select 'Self-Invested Personal Pension (SIPP)'
2. Click on ‘Monthly savings’ and follow the instructions
You can change your direct debit and investments at any time, but any changes made fewer than 7 working days before the direct debit is taken will apply from the following month.

To cancel your direct debit you'll need to contact your bank.

How to amend on the mobile app
1. Download the free HL mobile app and log in
2. Tap 'Self-Invested Personal Pension (SIPP)'
3. Tap the menu in the top right hand corner
4. Tap 'Regular Investing' and follow the instructions
Unless you're aged 55 and ready to choose a retirement option, you cannot withdraw from your SIPP.

Take a look at your available retirement options to see how best to take money from your pension when you're ready.
How much you can pay into your pension depends on your personal circumstances. Pension contributions are limited by the pension annual allowance which is £60,000 each tax year for most people. Any contributions made by you and your employer count towards it, as does any basic rate tax relief added by the government.

More on pension contributions

SIPP FAQs

Yes, you can have both a SIPP and your existing workplace pension, and this can be a flexible way to top up your retirement savings tax-efficiently. If you have access to a workplace pension, make sure you’re maximising any employer contributions before deciding whether to pay into a SIPP. You’ll also need to make sure the money put in across all your pensions each year (including any basic rate tax relief added by the government) doesn't go over the total pension annual allowance of £60,000.
You can set up an HL SIPP from as little as £25 a month, or by making a one-off contribution of £100 or more. All you need to hand is your National Insurance number and either your bank details or debit card.

You can also open an HL SIPP by transferring a pension. The fastest way to transfer is online. You'll need your pension name and type (e.g. Aviva personal pension), policy number and pension value (this doesn't have to be exact) to get started. You should be able to find these details on your annual statement or can ask your current provider when you’re checking what exit fees apply or if you’ll lose any valuable benefits.
No, SIPPs are not subject to Inheritance Tax (IHT). So, it could be more tax-efficient for clients to withdraw other investments at retirement and leave their pension intact.

More on inheritance tax rules

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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

Read our FAQs

Email us

1. Subject to these terms and conditions, if you register for our Transfers Cashback Offer (Nov 23 – Feb 24) and apply to transfer an existing pension, ISA or general investment account from another platform between 16 November 2023 and 29 February 2024 inclusive (the “Offer Period”), you will receive a cash amount after the transfer is complete, depending on the amount you transfer (the “Offer”). The Offer is funded by us, and the cashback will not come from your own cash or investments.

2. You must register for the Offer to qualify. You can do this by completing the online cashback registration form, the postal cashback registration form or by asking us via secure message (using your online account) or by telephone to register you manually. If you do not register for the offer, no cashback will be paid.

3. If you register for the Offer and we receive your qualifying transfer application(s) within the Offer Period, even if the transfer itself isn’t completed until after the Offer closes, you will still qualify.

4. The cashback payment will be paid into your Loyalty Bonus Account which is separate from your other HL Account(s). You will receive the cashback payment within 8 weeks from the date that your last qualifying transfer completes. The payment date will be determined by us. The cash can be kept in your Loyalty Bonus Account for fee collection, withdrawn or moved into another of your HL accounts. If moved into an ISA or SIPP, it will count towards your annual allowance.

5. We ask you keep your HL account(s) for at least one year from the date that the last qualifying transfer completes. Please feel free to switch between investments and in or out of cash within your account, but if you decide to transfer any portion of your receiving account away or close your account within 12 months of the date your last qualifying transfer completes, then we reserve the right to reclaim the cashback paid. If cash is to be reclaimed, then you will be notified, and the cash will be taken within 7 days of the account closure or transfer out.

6. It isn’t possible to combine the value of transfers into accounts with different client numbers for the purpose of this Offer. The maximum amount of cashback you can receive under this Offer across all pensions, ISA or general investment account transfers is £4,500.

7. If you register for the Offer and apply to transfer existing pensions within the Offer Period with a total value of at least £10,000 from other providers to our platform into your HL Self-Invested Personal Pension or Drawdown Pension, you will receive a cash amount between £100 and £3,500.

8. The total value of your cashback will be based on the cumulative total value of qualifying pension transfers made within the Offer Period. The value of the cashback paid will be determined in accordance with the tiers identified in the table accompanying these terms and conditions.

9. If you need more time to decide whether you want to transfer to us, please complete the online extension form and we will extend the pension deadline for you by six months. Alternatively, call our Helpdesk on 0117 980 9926 or send a secure message through your online account.

10. The following are excluded from the Offer: (1) the transfer of a Junior SIPP, Junior ISA, Child Trust Fund, Lifetime ISA or defined benefit/final salary pension; (2) new money cash subscriptions into any existing HL Account; (3) the lodgement of certificated shares; (4) movements of investments or cash already held on the HL platform, including switches or transfers between or within existing HL accounts or income and interest received on any assets held in those accounts; (5) transfers to the HL Cash ISA.

11. We reserve the right to remove or suspend the Offer if necessary, including for legal or regulatory reasons or otherwise, by posting a notice on our website. If the Offer closes early, all qualifying applications already received at the time of the posting of the notice will still be accepted.

12. We also reserve the right to determine how the cashback payment is calculated. Therefore, if you are not sure how your transfers will be treated under the terms of this Offer, please contact us before you apply to transfer. By registering for the Offer and submitting a qualifying application within the Offer Period, you agree to be bound by the terms of this Offer.

13. These terms are governed by the laws of England and Wales and subject to the exclusive jurisdiction of the courts of England and Wales.

14. This Offer is provided by Hargreaves Lansdown Asset Management Limited, which is a limited company registered in England & Wales with the company number 01896481, whose registered office is 1 College Square South, Anchor Road, Bristol, BS1 5HL. References in these terms and conditions to “our”, “us” or “we” are to Hargreaves Lansdown Asset Management Limited.