Please remember: The value of investments made in a SIPP can fall as well as rise & you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (age 57 from 2028). The ii SIPP is intended for customers who have sufficient knowledge of investing to make their own investment decisions. If you are unsure about the suitability of a SIPP, or transferring existing pension plan(s) into a SIPP, you should seek advice from an authorised financial advisor. Tax treatment depends on individual circumstances & may be subject to change in the future.
It is important to understand that the use of Gross Employer Contribution or the ii SIPP is not a recommendation and that the ii SIPP is not an Employer, Workplace or Auto Enrolment Pension. You can arrange with your employer or umbrella company to have contributions paid into your ii SIPP via Bank Transfer. The ii SIPP is a Personal arrangement between you and interactive investor, and you are solely responsible for agreeing & monitoring contributions made by your employer.
Introducing Gross Employer Contributions & the ii SIPP
When signing up to a pension arrangement with QPS you can indicate how much you wish to deduct from your assignment rate to allocate to your pension.
In doing so, you are agreeing to reduce your salary in return for pension contributions. Therefore, your contributions will be deducted from your assignment rate and thus reduce both sets of National Insurance and your PAYE tax.
It is important to understand that the use of Gross Employer Contribution or the ii SIPP is not a recommendation and that the ii SIPP is not an Employer, Workplace or Auto Enrolment Pension.
You can also use the ii SIPP to bring together other pensions so you can manage everything in one place via our website or our user-friendly app. Before transferring a pension, please check you won't lose any valuable benefits or whether exit fees apply.
interactive investor is the #1 flat-fee SIPP provider in the UK and the second largest investment platform in the UK by assets under administration.
A great value SIPP
Most pension providers charge a percentage-based fee that gets taken out of your pension every year; this means the more your pension grows, the more you pay.
At ii, we're different. We charge a low, monthly subscription fee which means you could save thousands in pension charges.
When you open an ii SIPP you will start on our £5.99 a month Pension Essentials plan. When the value of your pension grows above £50,000 you will move onto our £12.99 a month Pension Builder plan.
Have a question about our SIPP? Call us on 0345 034 2446.
8am to 4:30pm - Monday to Friday
The ii SIPP explained
- A SIPP works like any other pension but gives you more control and flexibility over how your pension is invested.
- With an ii SIPP it's easy to invest. Our low-cost Quick-start Funds are an ideal way to get started. You can also choose from a wide range of shares and funds.
- The tax benefits of a SIPP are the same as any pension. Any money you pay in is subject to tax relief: 20% as a basic taxpayer, 40% as a higher-rate taxpayer, and 45% if you're an additional-rate taxpayer.
- Contractors using QPS Gross Employer Contribution pension scheme can save on employee NI contributions & QPS will also pass on any employer National Insurance savings to you via our payroll.
- You can use the ii SIPP to combine and consolidate both personal and old workplace pensions into one. This can make it easier to keep track of your retirement savings and take advantage of ii's low-cost SIPP.
It is important to understand that the use of Gross Employer Contributions or the ii SIPP is not a recommendation and that the ii SIPP is not an Employer, Workplace or Auto Enrolment Pension.
*We've crunched the numbers: If you invested in our SIPP, after 30 years you could be better off by £85k. That's more than £1,000 difference a year, just for using us over another platform. Lots of things can affect your final figure. But the lower the fees, the more money you'll keep for yourself. This is just for illustration if all other factors were the same. Don't just take our word for it: check our working out here.
Get a £250 cashback boost
Keep more money for your retirement with ii’s flat-fee Personal Pension (SIPP). And to put an extra spring in your step, you’ll get £250 cashback when you join ii this April.
A minimum SIPP value of £10,000 is needed to qualify for this offer. Making contributions and transferring other pensions to our SIPP counts towards your minimum value. See more details on this offer.
Offer ends 30 April 2025. Subject to holding period. Terms and fees apply.
Check before you transfer
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. Don’t transfer just to qualify for the offer, and don't rush any decision to meet the offer deadline. We periodically run offers, and there will likely be other opportunities in the future.
We promote transfers to the ii SIPP on a regular basis. It is important that you take enough time to decide whether transferring your pensions is right for you. If you need more time and wish to qualify for an offer, please wait until the next offer period.
Gross Employer Contribution tax savings illustration
QPS allows you to set up an arrangement to pay into a SIPP. Some of your assignment rate is paid directly into a SIPP, saving on income tax, and national insurance.
Example:
On a day rate of £594.83 per day, assuming taxable earnings of £125,000 and Gross Employer Contribution of £60,000 per annum.
Without Gross Employer Contribution (0T Tax Code): Monthly gross taxable pay £10,416.36. Expected take home pay £6,502.74 with £0 paid into your SIPP. £2,882.23 saved in income tax, and national insurance.
With Gross Employer Contribution (1257L X Tax Code): Monthly gross pay £6,042.17. Expected take home pay £4,384.97 with £5,000 paid into your SIPP. £2,882.23 saved in income tax, and national insurance (£2,416.63 paid in income tax, and national insurance).
It is important to note that when you come to take income from a pension it is treated as taxable income and you will pay tax at the applicable marginal rate. Tax treatment depends on your individual circumstances and may be subject to change in the future.
Assumptions:
- With Gross Employer Contribution; 1257L X tax code with SIPP contributions, keeping the taxable income under £100k pa.
- Without Gross Employer Contribution; 0T tax code without SIPP contributions, as the taxable income is over £125k pa.
- SIPP contributions will reduce overall taxable income, and tax-free allowance is added back in where relevant.
- National Insurance Category A
- No workplace pension contribution
- No attachment of earnings orders, Student Loan or GAYE contributions
This is an illustrative example. For a personalised illustration please contact QPS.
How to set up SIPP contributions as a QPS contractor:
2.
Instruct QPS to start your contributions
Contact QPS to inform them of your intention to start contributions here.
Once instructed, the contributions will start from the agreed date.
3.
Complete the SIPP contributions form
You can do this easily by following our step-by-step SIPP Contributions Form Guide.
It is important to understand that the use of Salary Sacrifice or the ii SIPP is not a recommendation and that the ii SIPP is not an Employer, Workplace or Auto Enrolment Pension. Your employer will ensure contributions are paid in to your ii SIPP via Bank Transfer every monthly shortly after your payroll, they will then send you a confirmation email to let you know that the monies have been transferred. The ii SIPP is a Personal arrangement between you and interactive investor, and you are solely responsible for agreeing & monitoring contributions made by your employer.
SIPP Contributions Form Guide
Use this guide to learn how to complete the SIPP contributions form (it should all take less than 5 minutes).
SIPP charges at a glance
When you open our SIPP you will start on our £5.99 a month Pension Essentials plan. When the value of your pension grows above £50,000 you will move onto our £12.99 a month Pension Builder plan.
View our full charges and service plans.
- If you want to buy or sell shares and funds, trades usually cost £3.99. Or, you can use our Regular Investing service - there are no trading fees when you contribute this way.
- There are no extra charges for taking money out of your pension.
- There are some other fees for things like foreign currency exchange and Stamp Duty on shares. View our full charges
See how we compare to some of the largest pension providers. Read more about our analysis.
What our customers say
SIPP guides
Learn more about how pensions work, the latest pension rules and how to make the most of your SIPP:
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.
If you are under 50, you can still access free, impartial help and information about your pensions from MoneyHelper.
