Self Invested Personal Pension

SIPPs are one of the most tax-efficient ways of investing for retirement. If you want a flexible pension that puts you in control, a SIPP could be right for you. Our SIPP is provided by AJ Bell, one of the leading pension providers in the UK.

When you open a SIPP you get all the tax benefits of a personal pension and you can choose from a wide range of investments. If you've built up multiple pension pots, you can also consolidate them all into an IWeb SIPP, making it much easier to manage your investments.

Plus, with an IWeb SIPP

  • There is no account opening charge.
  • SIPP administration charges of £22.50 per quarter (values less than or equal to £50,000) and £45.00 per quarter (values more than £50,000). Other charges may apply.
  • You can trade on UK and international markets for £5 dealing commission per trade.
  • Your employer can make contributions directly into your SIPP.
  • You will receive credit interest on any cash balance of £1 or above held in the account

The SIPP follows the Bank of England Base Rate which is currently 0.1% interest (gross). Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs

Please note: If you open an IWeb Stocks and Shares ISA and/or an IWeb Share Dealing Account alongside your SIPP, the usual account opening charges will still apply for those accounts.

Did you know?

You can hold a Government or company pension, or even another SIPP, running alongside your IWeb SIPP.

What are the tax benefits of a SIPP?

  • Receive up to 45% tax relief*, depending on your circumstances.
  • Pay no Capital Gains Tax on pension investments.
  • Take 25% of your pension fund as a tax-free lump sum from the age of 55.

UK tax laws may change and tax treatment depends on individual personal circumstances.

If you are resident in Scotland for tax purposes the tax relief you will be entitled to will be at the Scottish Rate of income tax, which may differ from the rest of the UK.

What are the tax benefits of a SIPP?

   

Your investment

Tax relief automatically received

Tax relief claimed through annual tax return

   

Basic rate tax payer (20%)

Your investment

£800

Tax relief automatically received

£200

Tax relief claimed through annual tax return

N/A

   

Higher rate tax payer (40%)

Your investment

£800

Tax relief automatically received

£200

Tax relief claimed through annual tax return

£200

   

Additional rate tax payer (45%)

Your investment

£800

Tax relief automatically received

£200

Tax relief claimed through annual tax return

£250

*You will automatically receive 20% in basic rate relief paid to your SIPP. If you are a higher/additional rate tax payer you can then claim an additional 20% or 25% (depending on your tax rate) via your tax return.

Things to consider

  • The value of investments can fall as well as rise. You may get back less than the amount invested.
  • The tax-efficiency of a SIPP depends on your individual circumstances and tax rules may change.
  • SIPPs are a pension product and you will not be able to withdraw your money until you reach the age of 55.
  • We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Adviser.

Transfer an existing pension to us

With one low dealing commission rate of £5 per trade from day one, you may want to switch to us from your current provider. It's easy to do - just read our transfer guide to get started.

Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested. We don't provide advice so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.

Apply for an IWeb SIPP

If you’re thinking of applying for an IWeb SIPP, please make sure you’ve read, and taken the necessary steps to understand, the risks of investing (PDF), our important information and our dealing and administration charges.

Please also familiarise yourself with the following documents:

When posting in your application please include a transfer form (PDF) if you’re looking to transfer an existing pension to IWeb.

Apply now

Need more help?

Guidance on your options is also available from Money and Pensions Service, a free and impartial government service. It is not intended to be a substitute for free financial advice. More information can be found at www.pensionwise.gov.uk

Useful information

Additional information about taking income from your pension and a list of forms you might need to manage your SIPP.

Pension income

Useful forms

AJ Bell Management Limited is the Scheme Administrator of the Halifax Share Dealing SIPP. AJ Bell Management Limited is registered in England No. 3948391. Registered Office: AJ Bell Management Limited, Building 4, Exchange Quay, Salford Quays, Manchester, M5 3EE.

Authorised and regulated by the Financial Conduct Authority and on the FCA register under FCA registration number 211468. Sippdeal Trustees Limited is a wholly owned subsidiary of AJ Bell Management Limited, registered in England No. 4050222. Registered Office: AJ Bell Management Limited, Building 4, Exchange Quay, Salford Quays, Manchester, M5 3EE. Sippdeal Trustees Limited does not conduct any regulated activities, and is, therefore, not regulated.