Open an ii Personal Pension (SIPP)

You can apply online for your SIPP in less than 15 mintues. All you’ll need is your National Insurance number, debit card and bank details.

Once your SIPP’s set up, you can add money via a one-off deposit or regular, monthly Direct Debit contributions. You can also transfer in any existing pensions you have elsewhere.

Before transferring your pension, check if you’ll be charged any exit fees and make sure you don't lose any valuable benefits such as guaranteed annuity rates, lower protected pension age or matching employer contributions. If you’re unsure about opening a SIPP or transferring your pension(s), please speak to an authorised financial adviser.

You can pay up to 100% of your salary (capped at £60,000) per year into a SIPP. This is your pension annual allowance and can be spread across all the pensions you pay into.

Your annual allowance also includes tax relief, so the maximum you can pay in yourself is usually £48,000, and the remaining £12,000 would be added by the government.

If you’ve already taken money out of your pension, or are a higher earner, your annual allowance may be lower. Remember, pension and tax rules apply and depend on your personal circumstances.

Find out more about paying into your SIPP.

For every personal payment you make into your SIPP from your net income, we’ll automatically claim basic rate (20%) tax relief for you. So if you contribute £80, this will be topped up to £100.

Once your tax relief has been sent to us by HMRC, we’ll pay it as cash into your SIPP account, so you can choose how to invest it.

If you’re a higher rate (40%) or additional rate (45%) taxpayer, you can claim back the rest of your tax relief through your annual Self Assessment.

Find out more about how tax relief works.

The earliest you can access your Personal Pension is age 55, rising to 57 in 2028.

You can withdraw from your SIPP in various ways, including tax-free cash, income drawdown, lump sums, or a combination that best suits your needs.

You can take up to 25% of your pension tax-free - subject to a maximum of £268,275 - while any remaining withdrawals will be added to your income and could be taxed. 

Yes, you can have a SIPP and a workplace pension and can pay into both at the same time. Just make sure your total contributions don’t exceed your annual allowance.
 
Once you’ve maximised your employer pension contributions, paying into a SIPP can be a great way to complement your workplace savings.

Yes – there is no limit on how many pensions you can have. However, bringing your pension pots together into one SIPP can make your retirement planning much simpler.

We make it easy to transfer other pensions into our SIPP. You can transfer when opening your account, or you can come back and do it later.

Find out more about transfers.

Yes, it is possible for employers to contribute to a SIPP through one-off and/or regular payments. If you want to pay into your SIPP this way, you will first need to ask your employer if they are able to arrange this.

Read our guide to setting up employer contributions.

When you die, any remaining money within your SIPP can pass to whoever you wish to receive it. It’s important that you fill out an expression of wishes form to make sure your pension ends up in the right hands. 

Your beneficiaries usually won’t pay inheritance tax on any money they receive but might pay income tax on any withdrawals if you die after age 75. If you die before age 75, they can inherit the pot without paying income tax. 

From 6 April 2027 unused pension funds (as well as some death benefits) will become part of your estate for inheritance tax (IHT) purposes following an announcement in the Autumn 2024 Budget. Read more about the upcoming changes to pensions and inheritance tax.

Read our guide on what happens to your SIPP after death.

Yes, a Managed Portfolio is simply an investment option and will appear alongside your other investments within your SIPP account.