SIPP’s

SIPP’s

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 in an extra 20% in pension tax relief. If you pay a higher rate of tax, 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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