SIPP (Self-Invested Personal Pension): Who Qualifies and What You Get
Learn how a Self-Invested Personal Pension works, including tax relief benefits and the restrictions on when you can access your funds.
A Self-Invested Personal Pension (SIPP) is a type of pension that gives you more control over how your money is invested.
Who it's for
This scheme is available to anyone under the age of 75.
What you get
When you put money into a SIPP, you receive tax relief on your contributions. This means the government adds extra funds to your pension based on the amount you invest.
What it costs you
You will need to pay management fees to the provider you choose to handle your pension.
The catch to know
Your money is locked away for your future. You generally cannot access these funds until you reach age 55, though this age is scheduled to rise to 57.
How to apply
- Research different private providers to find one that fits your needs.
- Confirm the provider is regulated by the relevant financial authority.
- Open an account and set up your initial contribution.
- Choose how you want to invest your money within the pension.