Overview- A SIPP is a pension which you manage yourself. You choose what it’s invested in, how much is paid in and when.
- Contributions can be through lump sums, or regular savings plans, but you can’t generally withdraw money until the age of 55.
- The government (HMRC) will give you 20% tax relief on anything paid into a pension (up to a specific limit, depending on your circumstances)*.
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Self-Invested Personal Pension (SIPP)
What is a SIPP?
*To pay in a total of £1,000 to your SIPP, you would only need to contribute £800, and the government would pay the other £200. If you pay income tax at above the basic rate, you can claim even more tax relief through your tax return or by writing to HMRC.
Watch our 'What is a SIPP' video for more details.
Our SIPP
Our SIPP is a great way to start saving for retirement. Manage your investments 24/7 using our online service and choose from thousands of funds, exchange-traded funds (ETFs) or investment trusts to invest your pension in.
It can also make a good home if you’re looking to bring together several pension pots, helping you take control of your retirement savings and plan more effectively.
- Transfer a pension to us and we’ll pay any exit fees up to £500 per person. T&Cs apply*.
- Start your SIPP today with a lump sum payment from as little as £800, a regular savings plan from as little as £40, or by transferring a pension in. Employers, your limited company, or someone else you know can also pay in.
- Our low-cost service fee is just 0.35% (ongoing fund charges apply) - and you can get extra benefits when you invest more than £250,000, including a Relationship Manager and a reduced service fee.
- Get instant access to our investment expertise, market insights and planning tools. And our freephone UK and Ireland call centres are open from Monday to Saturday.
- Gives you flexible income options when you want to access your money, including drawdown.
Transferring pensions to Fidelity
If you’ve built up a number of pension pots, bringing them together into Fidelity’s SIPP could make them easier to manage, while helping you keep an eye on costs, and give you access to a wealth of Fidelity guidance.
The value of investments can go down as well as up so you may not get back what you invest. Eligibility to invest in a SIPP or Junior SIPP depends on personal circumstances and all tax rules may change in the future.
You cannot normally access money in a SIPP until age 55. It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. To find out what else you should consider before transferring, please read our SIPP transfer factsheet. If you are in any doubt if a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.
Open a SIPP
Ready to open a SIPP? First, please tell us who will be paying into it...
I'm paying in
If you will be the primary person paying in to the SIPP, you can open an account online now.
My employer is paying
If your employer will be the primary payer to the SIPP, you can open an account now using the form below.
Someone else is paying
If a spouse, partner, friend or relative will be the primary payer to the SIPP, you can open an account now using the form below.
If you have any questions please call us on 0800 368 1722.
You can start investing once your account is open, but if you like you can choose your investments first and then open your account.
Ready to retire?
How to take tax-free cash
The way you take tax-free cash can depend on the type of pension you have and how you want to access savings.
Pension drawdown
Pension drawdown gives you flexibility to take the income you want and change it as needed in retirement, so you remain in control of your money.
Or, our retirement specialists can provide both guidance and advice around your retirement options. We offer a low fixed advice fee, and the advice we offer is based purely on helping you find the most appropriate solution for your retirement.
Get your pensions and investments working harder
Plus get £20 to £1,000 cashback. Exclusions, T&Cs apply.
Why choose Fidelity
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With more than 50 years’ experience we’ve already earned the trust of over one million UK investors.
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Start investing in just a few steps, with 24/7 online access from your computer, tablet or phone.
Clear
Enjoy low costs, no initial charges and no additional fees to switch or exit.
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This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.
A clear approach to fees
We believe in giving you great value, so we charge an annual service fee, payable monthly, based on the value of all your investments. And did we mention all the award-winning guidance, on-the-go access and support with investing you get? That’s all included in our service fee.
We add all your accounts together before we work out which fee band you’re in, meaning we’ll charge you the lowest rate.
- The portion of the fee you pay on exchange-traded investments (shares, exchange-traded funds (ETFs), bonds, etc.) is capped at £45.
- However, you do not pay a service fee on exchange-traded investments held in an Investment Account.
The table below shows how this fee changes as your investments increase. To see this in more detail please read the Doing Business with Fidelity document.
In addition to our service fee, there may also be charges set by the company managing your funds, and there will be additional charges for any share dealing you engage in. For more details, please read the Fidelity pricing guide or visit our main fees and charges page.
| Total value of investments | Service fee (annual amount or rate) |
|---|---|
| Less than £7,500 | 0.35% if you have a regular savings plan or £45 if you don't |
| Less than £7,500, held in a Junior ISA/SIPP | 0.35% if you have a regular savings plan or £25 if you don't |
| £7,500 or more but less than £250,000 | 0.35% |
| £250,000 or more but less than £1 million | 0.20% |
| £1 million+ | 0.20% a year for the first £1 million and no service fee for investments over £1 million. This means the maximum fee you will ever pay for all of your personal accounts is £2,000 a year. |
The same service fee is charged across all of your investments. So, if you hold £300,000 - the fee would be 0.20% across the full amount, and not 0.35% on investments under £250,000 and then 0.20% a year on the remaining £50,000. For exchange-traded instruments including investment trusts, this is capped at £45. There is no service fee for these investments held in the Fidelity Investment Account.
How and when we take our fee
We calculate the service fee at midnight on the first of every month and deduct it around the 15th of the following month.
We include any joint accounts when we’re adding up all your investments to work out what service fee rate you pay, ensuring the lowest possible charge.
The total value is then divided by 12 to determine the monthly amount that’s taken from your individual account.
We’ll take the service fee directly from your cash account, so we recommend always having cash in that account. If you don’t have enough, we’ll take it from your largest investment by value and by asset class – for example we will take the fee from the largest fund before we take it from an Exchange Traded Fund or Investment Trust.
Putting it into practice
Here are some scenarios, for illustrative purposes only, that show how we would calculate what you would be charged. If you have less than £7,500 in total there will be a flat fee of £45 a year (£25 for Junior ISA and Junior SIPP), although this changes to 0.35% if you have a monthly regular savings plan (RSP). We will usually collect this fee in arrears in monthly instalments of £3.75 (or £2.08 for Junior ISA and Junior SIPP).
| Amount invested | Annual service fees with monthly RSP | Annual service fees without monthly RSP |
|---|---|---|
| £5,000 | £17.50 (0.35%) | £45 (flat fee) |
| £7,499 | £26.24 (0.35%) | £45 (flat fee) |
| £7,500 | £26.25 (0.35%) | |
| £12,500 | £43.75 (0.35%) | |
| £20,000 | £70.00 (0.35%) | |
| £55,000 | £192.50 (0.35%) | |
| £249,999 | £874.99 (0.35%) | |
| £250,000 | £500.00 (0.2%) | |
Fidelity fees on multi-linked accounts
The fees mentioned above are for investments held directly with Fidelity.
If you hold some investments through a financial adviser, then the charges will be different from the ones you hold directly with us.
We suggest you speak with your financial adviser to find out more about what charges and fees will be applied.
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These guidance tools are not a personal recommendation in respect of a particular investment. If you need additional help, please speak to a financial adviser. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals.
Exit fees terms and conditions
In order to request exit fees re-imbursement you will be required to complete an exit fees re-imbursement form, or request over the phone by calling us on 0333 300 3351.
Terms and conditions for re-imbursement of exit fees
Fidelity will reimburse the exit/redemption fees charged to a customer by their former provider/s when they move their investments (minimum of £1,000) to Fidelity, up to a maximum amount of £500 per customer.
An exit fee is an administration charge which is imposed by the former provider and arises directly as a result of processing the transfer or re-registration of the customer’s investments to Fidelity. Fidelity will not reimburse the customer for any loss of investment returns, loss of interest, dealing charges, penalties for transferring investments before their maturity dates or any other charges associated with your transfer or re-registration.
Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investment/s (minimum £10,000) through Fidelity, Fidelity will cover any account closure fees charged by the customer’s former provider (excluding any dealing charges) of up to £500 per customer. Fidelity will not cover any bid-offer spreads or any capital gains tax liability arising as a result of these transactions.
Exit and account closure fees reimbursement must be claimed within a 6 month period from date of transfer of the customer’s investments to Fidelity. Exit fees will be reimbursed for transfers and re-registrations and account closure fees will be reimbursed provided the conditions above are met. Products included: ISAs, PEPs, Unit Trusts, OEICs, SICAVs, Fidelity Personal Pension, EBS SIPP and the Fidelity SIPP. Products excluded: ShareNetwork.
To qualify for the reimbursement, the fees from the customer’s former provider must have been triggered as a direct result of the transfer or re-registration to Fidelity, or the closure of an account where the customer has subsequently (within 6 months) invested at least £10,000 through Fidelity. If the customer is transferring investments to more than one provider from their former provider at the same time, Fidelity will only reimburse the fees which are incurred as a result of direct transfer or re-registration to Fidelity. Other fees or charges unconnected with the transfer will not be reimbursed.
The completed Exit Fee Reimbursement Form and documentary evidence of the charge will need to be provided in order for the exit fees to be reimbursed to the customer. To claim the reimbursement of any account closure fees, documentary evidence of the closure fee levied will need to be provided to Fidelity, along with confirmation that a minimum of £10,000 has been invested with Fidelity within 6 months of incurring such closure fee.
The documentary evidence referred to above, must be either a copy of the charge confirmation letter from the former provider or a statement showing the charge being deducted.
Payment will be made to the customer by BACS when a bank mandate is held on the account. Alternatively, payment will be made by cheque.