There are two ways of investing in a SIPP - Contribution or Transfer. From 6 April 2006, you will no longer be limited on the number or type of pension plans you can contribute to. You may transfer the value of most other pensions into your SIPP, however we recommend that you take professional advice on whether such a transfer would be right for you.
Contributions can be of any size and made at any time, but tax relief will depend upon keeping within HMRC registered pension scheme tax allowances. You will receive tax relief on each payment you make into the plan in a year up to:
£3,600 gross if you are a relevant UK individual* (even if you have no earnings) or
100% of your UK earnings, whichever is greater.
* In general terms, you are a ‘relevant UK individual’ if you are a UK resident or your earnings are subject to UK income tax.
The new legislation does not prevent you from contributing more than these amounts but it may not be to your advantage as you will not be able to claim any tax relief.
ContributionsA Contribution is where you open a SIPP and put money in. As it is a pension you cannot remove the money as you will receive tax relief on your contribution from the government. You can Contribute money or Transfer an existing pension into a SIPP or do both. Click on
SIPP Contributions here to go to our contributions information page or select the option from the left.
Transfers A Transfer is where you open a SIPP and move to the SIPP an existing pension you hold elsewhere. You possibly may also Contribute money to a SIPP Transfer if you have unused contributions left for the year. Click
SIPP Transfers here to go to our information page or select the option from the left menu.
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