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Fidelity SIPP (Self-Invested Personal Pension)

A SIPP is a tax-efficient flexible pension that you control.

You receive income tax relief on money put into a pension. Find out more about the tax benefits.

  • SIPPs are available to anyone aged under 75 who is resident in the UK for tax purposes. You can invest up to 100% of your earnings or £40,000 in the tax year and you’ll receive 20% tax relief on contributions you make, which will be added to your SIPP account. This amount is inclusive of tax relief i.e. £32,000 contribution plus £8,000 tax relief. Contributions in excess of your taxable earnings will not qualify for tax relief.
  • Some individuals may have a lower annual allowance if they are subject to the money purchase annual allowance (MPAA); or the tapered annual allowance.
  • If you are a higher or additional rate taxpayer you may claim even more tax relief through your annual tax return.
  • You do not have to be working to open a SIPP. You can invest up to £3,600 each year and still receive the 20% tax relief from the Government. This amount is inclusive of tax relief i.e. £2,880 contribution plus £720 tax relief.
  • You can make single lump sum payments, regular payments or transfer in other eligible pensions you hold elsewhere.
  • You can also carry forward any unused tax allowance from the previous three tax years. If you are subject to the MPAA, you cannot carry forward any unused allowances from previous years.
  • Open a SIPP

Employers and the self-employed

Employers

  • Employers can make contributions to a Fidelity SIPP on behalf of their employees.
  • Directors of limited companies can set up a SIPP and make employer contributions. These contributions will usually be considered a business expense and attract relief from corporation tax.
  • Employer contributions will count towards your annual allowance of £40,000 and you cannot claim tax relief on them. Employers can make single payments or set up a regular savings plan to contribute monthly.
  • Open a SIPP

Self-employed

  •  If you are self-employed you can open a Fidelity SIPP to save for your retirement.
  • You can make single payments, regular payments or transfer in other pensions you hold elsewhere.
  • You’ll receive 20% tax relief on your contributions automatically from the Government and if you are a higher-rate taxpayer you can claim more through your annual tax return. Contributions in excess of your taxable earnings will not qualify for tax relief.
  • You can also carry forward any unused tax allowance from the previous three tax years. Learn more from our tax relief factsheet.
  • Open a SIPP

Parents and grandparents

  • You can open a SIPP on behalf of a child with a Fidelity Junior SIPP as long as they are under 18.
  • Contributions into a Junior SIPP can be made by parents, guardians and grandparents.
  • Even though the child may not be a taxpayer they will still receive 20% basic rate tax relief on contributions up to £3,600 per tax year. This amount is inclusive of tax relief i.e. £2,880 contribution plus £720 tax relief. No further tax relief can be claimed by the person contributing to the Junior SIPP.
  • Contributions to a Junior SIPP will not affect the allowances of the individuals contributing. Learn more about Junior SIPPs

Retirement calculator

Take a look at how much you might need when you retire with our easy-to-use retirement calculator.

We’ll then help you figure out a way to achieve that.

Retirement calculator

Important Information

Eligibility to invest into a SIPP depends on personal circumstances and all tax rules may change. As this is a pension product you will not normally be able to withdraw money until you reach age 55. Only certain types of pension scheme are eligible for transfer to the Fidelity SIPP. For a full list of which pensions are eligible for transfer visit www.fidelity.co.uk/transfer or call us. Exit fees may be imposed by some non-Fidelity pension schemes and you may lose out on associated benefits if you transfer out of a pension scheme. Fidelity Personal Investing does not give advice, if you are unsure of the suitability of an investment, you should contact an authorised financial adviser.

The value of your investment can go down as well as up so you may get back less than you invested.

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