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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 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.

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.
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HL READY-MADE PENSION PLAN

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

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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.

Pay your pension some attention

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.

Know Your Pension Checklist

  • Review your investments

    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.

    Discover our SIPP investment strategies

New

HL READY-MADE PENSION PLAN

Don't know where to invest your pension? We’ve got a new investment solution which could help.

Find out more

  • Check your current contributions

    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).

    More on pension contributions

Pension calculator

Find out if you're on track to get the income you want in retirement.

Try the calculator

  • Nominate a beneficiary

    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.

    What happens to my SIPP when I die?

  • Combine 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’re not sure where to find old pensions – you can use the government’s Pension Tracing Service to track them down.

    More on lost pensions and how to find them

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.

More on transferring

Benefits of consolidating pensions in 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. Pensions are usually transferred as cash so you’ll miss any market rises or falls for a period.

More on transferring a pension

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

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 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.

    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 take 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 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.

Switch your pension on

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

Ongoing support

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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

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SIPP Account FAQs

SIPP FAQs

  • 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.

They're always happy to assist, professional at all times and extremely knowledgeable.

MR BOTH

Best Buy Pension 2023
Best Buy Pension
Boring Money Awards 2023
Best Buy Pension 2022
Best Buy Pension
Boring Money Awards 2022
Investing & Pensions Gold Award 2022
Investing & Pensions Gold Award
The Times Money Mentor 2022

Help and support

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

Read our FAQs

Email us