To open a SIPP you must be:
Yes, as a self-employed person you have the same allowances as an employed person. If you are an employee of your own company, you may be able to make employer contributions into your SIPP. You can speak to our support team for more details.
Yes, if you are employed your employer can pay contributions into your SIPP. Please contact our support team to find out more.
More information on the SIPP charges is available from the customer area of the AJ Bell Investcentre website.
There is no limit to how much you can pay into a SIPP, however the tax treatment will change according to how much is contributed over specific time periods. As of the 2018/19 tax year, £40,000 is the annual allowance eligible for tax relief and the lifetime allowance is currently £1.03m. These figures are subject to change and can vary depending on your personal circumstances. If you have questions specific to your situation, such as carry over and higher earnings limits, please contact our support team firstname.lastname@example.org.
You can transfer SIPPs, Personal Pensions and most workplace pensions. Some pensions, known as ‘Defined Benefit’ or ‘Final Salary’ schemes, cannot be transferred. If you are unsure what type of pension you have and whether it can be transferred we can help answer your questions, just get in touch.
If you are having trouble remembering old pension details the Pension Finder Service will help track these down.
The majority of pension transfers take around 4 weeks to complete. Some can take up to three months, depending on your previous provider.
If you die before reaching the age of 75, your pension can be paid to your beneficiaries in the form of a lump sum or income. These benefits are usually tax-free, depending on the circumstances (for example if you have not exceeded the lifetime allowance). If you die after the age of 75, your pension can still be paid to your beneficiaries, but will be taxed at their marginal rate of income tax.
The SIPP Key Features document is available from the customer area of the AJ Bell Investcentre website and answers the most common questions about:
We have a team of qualified advisors on hand who can answer questions specific to your circumstances. Please contact the support team on email@example.com or 0203 7500 703.