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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 47% 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.
A new investment solution which will make starting a pension even easier.
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.
Your pension is there to help you make most of your retirement. The better you know your pension, the more confident you'll be that you are saving enough for your retirement.
Our HL Know Your Pension checklist can help you with ways to be on top of your pension and 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. For those looking to maximise their pension savings, our pension essentials and FAQs could help you get the information you need.
Register for online access and log in to view your account at least once a year to see if you are on track for retirement. Or download the HL app, and view your SIPP on the go, whenever and wherever you like.
The quarterly investment report we send you will have all the details of where your investments are held and how they are performing.
Consider how long you have left to invest before making changes to your current investments. Also consider if your personal circumstances have changed and if that could have an impact on your investment objectives.
If you then 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. If you’re not sure if an investment is right for you, you should take financial advice.
Don't know where to invest your pension? We’ve got a new investment solution which could help.
Log in and select your SIPP account. Click the ‘Transaction History’ tab, then ‘View all contributions’. You’ll then be able to select your desired tax year and view the contributions made in that tax year.
If you are approaching retirement, consider checking in on your State Pension to work out how much income you’re going to need. For a comfortable living standard in retirement, it is important to save into a workplace or private pension alongside anything the state offers.
Given the current cost of living crisis, paying in more into your pension pot might not seem like a priority. So, use this opportunity to review your current and future financial needs. But 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).
Find out if you're on track to get the income you want in retirement.
Take control of where your money goes once you die. Log in to your account, under Account settings, go to manage SIPP beneficiaries and add nominees to your account. Or, you can download and complete an 'Expression of Wish form' and send it back to us by post.
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’re not sure where to find old pensions – you can use the government’s Pension Tracing Service to track them down.
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.
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.
Moving old pensions to your HL SIPP can help you to take control of your retirement savings.
Before transferring make sure you check you won’t lose any valuable benefits or have to pay high exit fees. Pensions are usually transferred as cash so you’ll miss any market rises or falls for a period.
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.
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.
We explore what to consider when deciding how much to contribute, and why it pays to start early.
In this article we give you 8 tips to make the most of your pension.
Find out how much you can pay in to your pension, and learn about the annual and lifetime allowance.
Discover the three main options you have when you come to access your pension pot.
Understand pension tax relief rules so you can make the most of your money.
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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If you have any questions about the HL SIPP, you can speak to one of our UK-based client support experts.
Call us on 0117 980 9926
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