Can you have multiple SIPP accounts?

The Self-Invested Personal Pension (SIPP) gives you control over your retirement investments. But can and should you have multiple SIPP accounts or consolidate into one account?

Is there a limit to how many SIPP accounts you can have?

There’s no legal limit on the number of SIPP accounts you can open. Having separate SIPPs with different providers allows access to specialised investments and features. It also reduces risk if a provider changes service standards.

What are the downsides of having multiple SIPP accounts?

However, multiple SIPPs have significant drawbacks:

– Increased administrative burden tracking paperwork and records, which builds as retirement approaches.

– Must monitor total contributions and assets across all accounts to avoid breaching annual and lifetime allowance limits.

– Harder to balance overall asset allocation and rebalance your portfolio efficiently.

– Multiple fees and charges to pay, reducing your returns.

How iSIPP provides choice and flexibility

This is why many people are better off consolidating their pensions into one SIPP account and iSIPP should be at the top of your list of considerations when looking for a SIPP provider.

With iSIPP, select from our Choice, Create, ESG and Shariah fund options to match your risk tolerance and goals. iSIPP’s transparent, competitive pricing helps you maximise your pension.

The iSIPP online portal allows you to manage your pension whenever and wherever you want. Track performance regularly and make changes instantly.

The benefits of consolidating your pensions with iSIPP

Consolidating into iSIPP also enables regular portfolio rebalancing. Choose the finds that work for you and create your own investment portfolio.

While multiple SIPPs allow choice, the simplicity and cost benefits of consolidating your pensions into one iSIPP account could suit most investors.

Take control of your retirement savings with iSIPP

Join over 6,000 members at group level who have already experienced the difference that bringing there pensions over to us can bring. Take control of your retirement savings in one place and let our award-winning services support you on your retirement journey.

Consolidate your pensions with iSIPP today. Gain the clarity and confidence your retirement future deserves.

If you want to understand more about your pension options Money Helper have useful impartial articles.

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Disclaimer 

The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.

This notice cannot disclose all the risks associated with the products we make available to you. When making your own investment decisions it is important you understand that all investments can fall as well as rise in value and it is possible you may get back less than what you have paid in. You should also be satisfied that any investments you choose are suitable for you in the light of your circumstances and financial position. You should seek financial advice if you are not sure of what’s best for your situation.