What is a SIPP?

A SIPP (Self Invested Personal Pension) gives you more control over your retirement planning.


open a SIPP   transfer your pension

Please remember, SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial advisor before making any decisions. Pension and tax rules depend on your circumstances and may change in future.

What is a Self-Invested Personal Pension?

A SIPP, or Self-Invested Personal Pension, is a type of pension that lets you choose how and where it is invested.

Some people use a SIPP to combine multiple pensions into one – e.g. from previous jobs. This can make it much easier to keep track.

And you could save a lot of money in charges. Our low, flat fees could save you up to £94,000 over 30 years, compared with pensions that charge a percentage fee.*

*Analysis shows you could be better off by £94k over 30 years of investing in an ii SIPP due to our low flat fees. This is just for illustration if all other factors were the same. The advantage of lower flat fees over time means that you could be significantly better off in the long run. By how much will always depend on your personal circumstances. More about our analysis

Who can open a SIPP?

Anyone over 18 years of age can open a SIPP. You can even open a SIPP if you are unemployed and/or do not plan to make regular payments.

You must be a UK resident to open a SIPP, although non-UK residents can hold one. If you are not a UK tax payer you will not receive tax relief on your contributions. 

When you reach the age of 55 (57 from 2028), you will have a full range of benefit withdrawal options.

What are the SIPP tax benefits?

You will get the same tax-efficient pension benefits as most other pensions:

  • Tax relief on up to 100% of your earnings each year (capped at £40,000).
    In short, this means whatever you contribute is topped up with an additional 20% from the Government. This is included in your total allowance – so the most you can pay from your own pocket is £32,000.
  • This means for a £10,000 annual pension contribution, you would pay £8,000, and the Government would top it up with an additional £2,000.
  • Higher rate and Additional rate tax payers can claim back further tax relief through a Self-Assessment tax return.

What can I invest in?

A SIPP lets you invest in a wider range of stocks and shares than traditional pensions. With a SIPP, you are in control of your investments. Researching investments carefully and understanding how to make the most of your money are important steps to take.

With interactive investor, you can add the following investments to your pension:

quote I had never heard of a SIPP but I’m now completely sold. It’s incredibly straightforward.
Read Ian's story »

SIPP vs personal pension

The key difference is freedom. With a SIPP, you decide how and where your pension is invested.

A SIPP also tends to offer a wider range of investment options - you can invest directly in shares, funds, trusts and more. Personal pensions often have a limited choice of funds to invest in.

Another factor is cost. Personal pensions usually charge a percentage fee, so the fees grow over time. Our SIPP has a low, flat fee (£10 a month + £9.99 service plan fee) which stays the same no matter how much your pension grows. 

All this means you could be up to £94,000 better off in retirement by switching your pensions to ii.*

Making contributions into a SIPP

  • You and/or your employer can contribute to a SIPP.
  • These can be regular or one-off contributions. It’s free to top up your existing investments with us.
  • The current annual allowance on contributions is 100% of your UK earnings (capped at £40,000 gross).
  • If you have no UK earnings, or earn less than £3,600 a year, you can still pay contributions up to £2,880 and claim tax relief of £720.

We will claim your tax relief for you, and this can take between 6 and 11 weeks.

Find out more about making contributions into a SIPP.

What happens to my SIPP when I die?

You can pass your pension pot on to your loved ones when you die, which is a tax-efficient way of managing your estate. 

You simply need to keep your Expression of Wishes up to date so the trustees have an indication of how you would like your pension fund distributed. 

If you die before your 75th birthday and the funds are transferred within two years of your death, your pension pot will be passed on to your beneficiaries tax-free. 

If you die after your 75th birthday, they will be liable to pay income tax.

How do I access my SIPP?

You can access your ii SIPP at any time by logging in to your online account, or using our mobile app – available on iOS and Android.

Open a SIPP by 30 April and pay no SIPP fee until November 2021.

This means your service plan fee of £9.99 covers you for all of your investment accounts. Following the offer period, the ii SIPP fee is only £10 a month more, and could save thousands compared to other pension providers who charge a percentage fee.  Terms apply

open a SIPP   transfer your pension


It only takes a few minutes to open a SIPP with us. Our simple application form will guide you through the process, including any existing pensions you want to transfer. 

If you do a cash transfer from another pension, it may take around 10 days to complete. 

If you are transferring your existing investments (e.g. from another SIPP), it could around 8-12 weeks.

Timings may also depend on how quickly your current provider works with us to arrange your transfer.

A SIPP may be right for you if you are happy making your own investment decisions. 

This is not as hard as you might think. We offer quick-start funds and model portfolios to get you started. Our SIPP investment ideas can also point you in the right direction.

Of course, as with any investment, you could lose money.

A SIPP is no more or less safe than any other investment. Although investing tends to provide good returns in the long term, it can be unpredictable in the short term. There is a risk you could lose money.

You can minimise your risk by regular investing – by topping up little and often, you pay the average share price over time, which can be safer than investing a lump sum.

We are covered by the Financial Services Compensation Scheme (FSCS).

Yes. Transferring your pension(s) to our SIPP is simple – just open a new SIPP with us, and follow the instructions during sign-up.

You can also log in later and start the transfer process from your online account. 

Transferring pensions from elsewhere can take around 10 days for a cash transfer, or between 8-12 weeks when transferring existing investments.