How to set up a SIPP - a simple guide

So you’re thinking about setting up a Self Invested Personal Pension (SIPP)? Well you’ve come to the right place! Here at iSIPP, we’re passionate about keeping pensions simple. We’ll guide you through the easy process step-by-step so you can take control of your retirement savings and learn how to set up a SIPP.

What is a SIPP?

A SIPP is a flexible retirement account that lets you choose how your pension funds are invested. You get the tax benefits of a regular pension but with more freedom and control. Anyone under 75 and living in the UK can open one. Even if you live abroad, a SIPP lets you combine all your old UK pensions into a single pot.

The government will boost your contributions with tax relief up to 45% depending on which tax bracket you fall into (46% if you’re a Scottish taxpayer). So a SIPP is a tax-efficient way to save for your future.

How to start a SIPP

There are two easy ways to open a SIPP with iSIPP:

Transfer Existing Pensions

Consolidate old pensions into one simple online account. As pension specialists, we make transfers easy and stress-free. Just provide basic details like the pension name and policy number. Leave the rest to us!

Combining pensions gives you clear oversight and control over your retirement savings in one place.

Make Personal Contributions

If you’re a UK resident, you can open a SIPP by setting up regular contributions. Most people can contribute £60,000 yearly within current allowance rules.

You’re in complete control. Adjust contributions anytime to suit your circumstances.

How the iSIPP application works

Our online application takes just minutes:

Get To Know You: Provide your basic personal details to set up your account. Quick and easy online access 24/7.

Contributions & Transfers: Consolidate old pensions or set up new contributions. We handle the transfers and get paperwork sorted.

Select Your Funds: Pick from leading fund managers to match your retirement goals. Build your own investment portfolio if you prefer.

Summary: We’ll confirm your details so you can review before proceeding.

That’s it! We take care of everything else for you.

iSIPP fees

The iSIPP setup is totally free. You won’t pay any transfer fees either, no matter how many pensions you have. And there are no dealing charges when you invest your pension pot.

So if you’re ready to take control of your retirement savings, opening a SIPP

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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.