self-invested personal pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to draw a retirement income. It is a type of personal pension and works in a similar way to a standard personal pension.

SIPPs work much the same way as other personal pensions. You add money to your pension as and when you like. The government pays an extra 20% in pension tax relief. If you pay a higher tax rate, you’ll usually be able to claim back even more with your tax return.

If you no longer work in the UK, you can transfer your SIPP to a SIPP run by another pension provider. You have a range of pension transfer options: usually, you’ll be able to transfer a pension into any other UK-registered scheme or qualifying recognised overseas pension scheme (QROPS)

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