LOG IN APPLY
LOG IN APPLY

Making pension contributions to your retirement plans

Contributions explained

Contributing to your pension means investing in your future retirement plans. With access to personal and employer contributions, our simple-to-use account provides you with flexibility when paying into your pension.

 

What are the benefits of pension contributions?

  • Gain access to tax-free investing. Your pension pot can grow free of UK income and capital gains tax.
  • Get up to 45% tax relief in your pension each tax year.
  • Grow your pension pot free from inheritance tax, passing on wealth in a tax efficient way.

Types of contributions

Personal contributions

It’s easy to get started with regular or ad-hoc personal contributions. Simply select the frequency and value of your contribution from your iSIPP account. You can even invest directly or we can invest on your behalf once you select a fund from the Choice range.

APPLY NOW

Salary sacrifice

We accept employer contributions too. If your employer is looking to make contributions into your SIPP, simply complete a form on your iSIPP account and our team will contact your employer to arrange the next steps and set up payments.

READ MORE

How much can I contribute?

Your contribution levels will depend on your personal circumstances. In summary, you can pay into your pension up to 100% of your earnings, with tax relief applied to contributions of up to £40,000 for the tax year. Any contributions made by you and your employer count towards it, as does any basic rate tax relief added by the government.

If you don’t pay tax or have no earnings at all, you can still contribute to your pensions by £2,880 each tax year, for which you then also receive £720 as tax relief.

Remember that pension and tax rules can and do change, and any benefits will depend on your circumstances. With pensions, your capital is at risk.

Contribute now

How it works - It’s as easy as 1, 2, 3

Step-1-Icon

Get to
know you

You only need a few personal details to get started. Simple and accessible 24/7, you can set up your account online.

Step-2-Icon

Contribute with ease

It’s easy to get started, tell us about any ad-hoc or regular personal contributions. We accept employer contributions too.

Step-3-Icon

Select your
funds

The choice of funds is yours. That’s why we make selecting and managing your funds as clear and flexible as possible.

Step-4-Icon

Summarise
it for you

We’ll show you a summary of your details, and check you’re ready to proceed.

That’s it, leave the rest to us.

Why iSIPP?

Easy access

Simple and accessible 24/7, you can set up your account online. You only need a few personal details to get started and we’ll do the rest. Our award-winning platform gives you access to manage and regularly monitor all your investments under one account.

Transparent pricing

We know that you need your personal pension to be as straightforward as possible. Our pricing is transparent and competitive, with no hidden charges. See our fee schedule here and take a look at the Fee Calculator to check the cost for your investments.

Dedicated support

Every client is well looked after with unrivalled service. Have any questions? We’d be happy to answer them. Simply choose your preferred contact method below – phone, email, or through our enquiry form – and a member of our team will be there to support you.

Secure and protected

iSIPP is part of a wider pensions business with over two decades of experience and we are authorised and regulated by the Financial Conduct Authority. What’s more, your funds are also protected by UK’s Financial Services Compensation Scheme.

Contribution FAQs

Can you contribute more than your personal allowance?

Yes. You can contribute more than your allowance as long as you do not exceed your UK earnings. For any contribution above your allowance, a tax charge known as the annual allowance charge will be applied and it will effectively cancel out the tax relief you receive over the allowance.

To understand your current allowance you should also consider any contributions that your employer makes for you, as these also use up your annual allowance.

The ‘Carry Forward’ rule permits individuals to contribute more to their SIPP than the £40,000 annual allowance and still benefit from tax relief, as long as they have any unused allowance in the last three tax years.

In order to use the benefits of the rule, you must have:

  • Been a member of a pension scheme in each tax year from which you carry forward, even if you did not make any contributions.
  • Used up your full annual allowance in the current tax year.
  • Contributed less than £40,000 in one or more of the last three tax years. (This includes personal and employer contributions.)
  • Earnings of at least the amount you are contributing in that tax year, if you are making personal contributions.

Need more information? Read our guide here.

What happens if you have income of more than £240,000?

In the instance where your adjusted income is over £240,000, your annual allowance could be as little as £4,000. This means your annual allowance of £40,000 is tapered. Your adjusted income is broadly your total taxable income, plus any pension contributions paid by your employer.

iSIPP Insights and News

How can I build my pension pot?

How can I build my pension pot?

Saving for retirement is one of the most important financial journeys in life, yet it can be fairly difficult to understand what needs to be done in order to build your pension pot. Thankfully, there are more than a few ways you can build your pension pot and capitalise on

Pension contributions explained

Pension contributions explained

In this post, we will be explaining the pension contributions you can make to your SIPP. We will also explaining who can pay pension contributions into your SIPP. We’ll be breaking down the key points whilst also simplifying legal definitions. For a more detailed overview, be sure to look at

How much can I pay into a pension each year?

How much can I pay into a pension each year?

Pensions are a heavily regulated area of finance, which is partly why it’s quite difficult to understand. To make sure you’re getting the most out of your pension contributions, it’s worth taking a moment to understand what the rules are regarding how much you can put in. If you need

The pension carry forward rule explained

The pension carry forward rule explained

If you wish to make pension contributions that exceed your annual allowance, you may be pleased to hear that the pension carry forward rule could enable you to still qualify for tax relief. This may be especially beneficial for those with irregular incomes like contractors and freelancers or anyone who

The benefits of starting your pension early

The benefits of starting your pension early

Despite being one of the most important financial aspects of life, many people have a hard time approaching the concept of starting a pension, often ignoring it until much later on in life. This might be the result of a misconception about how long it takes to build a decent

Can I get my pension contributions back?

Can I get my pension contributions back?

Do you have regrets about the pension scheme you have signed up for? Perhaps money is tight, and you require some quick funds? There are various reasons why you might be looking into getting your pension contributions back. Yet is it possible? Can I get my pension contributions back? If

Should I delay my retirement?

Should I delay my retirement?

For many people awaiting retirement, the day when they can finally say hello to rest and relaxation cannot possibly come soon enough. For others, the prospect of planning for retirement is a daunting one, as it represents a financial sacrifice or even a lack of purpose. In these kinds of

READ MORE

Apply now

0161 972 2841

iSIPP, 2nd Floor, Marshall House

2 Park Avenue, Sale, United Kingdom, M33 6HE

hello@isipp.co.uk

iSIPP is a trading name of iPensions Group Limited registered in England and Wales with Company Number 03683070 whose office is at 2nd Floor, Marshall House, 2 Park Avenue, Sale, M33 6HE. Authorised and regulated by the Financial Conduct Authority, Licence Number 464521.

©️ 2023 iSIPP. All Rights Reserved.