ii SIPP
Can I have a joint SIPP?
Although couples should plan their retirement finances together, it isn’t possible to do so with a joint SIPP (self-invested personal pension).
Joint SIPP accounts
While couples may take advantage of joint current accounts, joint life insurance or borrow with a joint mortgage, you cannot open a joint SIPP account.
SIPPs (or any other pension account) can only be opened and held in one person’s name.
Consider a SIPP for you and your partner
If you and your partner are both saving for retirement, you can each open your own SIPP accounts. This allows each individual to build a pension separately and have control over their savings, even if they ultimately plan to manage their retirement income jointly.
If it’s only one of you that is able to contribute to joint retirement savings, it is still possible to spread that payment across two SIPP accounts. This can ensure you both have savings in your own name.
Each year non-taxpayers can pay £2,880 a year into a personal pension such as a SIPP, which will be topped up to £3,600 a year once basic rate tax relief has been applied.
How can Pension Wise help?
If you have a defined contribution pension scheme and are 50 or over, then you can access free, impartial guidance on your pension options by booking a face to face or telephone appointment with Pension Wise, a service from MoneyHelper.Â
If you are under 50, you can still access free, impartial help and information about your pensions from MoneyHelper.Â
Learn more about our SIPP
Learn how to make the most out of your SIPP with our useful guides.
Important information: A SIPP is for those wanting to make their own investment decisions when saving for retirement. As investment values can go down as well as up, the amount you retire with could be worth less than you invested. Usually, you won’t be able to withdraw your money until age 55 (57 from 2028). 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.