Self-Invested Personal Pension (SIPP)

To be able to open a SIPP you need to be:

• a UK resident or
• a Crown servant performing duties abroad or
• married to or in a civil partnership with a Crown servant

If you wish to make contributions to the Fidelity SIPP you need to be:

• under the age of 75 and a
• UK resident for tax purposes or a
• Crown servant performing duties abroad or
• married to or in a civil partnership with a Crown servant

If you are a US person you cannot open a SIPP with Fidelity.

Anyone can contribute to your SIPP as a single or regular contributor using our paper form. You will be eligible to receive tax relief on any contributions made on your behalf by another individual subject to you having relevant earnings and subject to your annual allowance.

An employer may also choose to contribute to your SIPP by completing our form. You will not be eligible to receive tax relief on any contributions made by an employer.

You will not have to pay tax on money while it remains in your pension pot. You will normally only pay tax if you withdraw money from the pension pot. Up to 25% of your pension pot is usually tax-free and any further money that is taken will be taxed just like any other earnings.

However, there are two other occasions which may result in paying tax on the savings within your pension pot:

• exceeding your annual or lifetime allowance (see more details on pension annual allowances)
• when you die and there is still money remaining in the pension

Find out about the ways of taking money from a pension and how the tax works or more about tax-free cash.

For a Fidelity SIPP (and all our other products), if you've got less than £7,500 with us, we charge a flat-rate fee of £45 a year or 0.35% if you have a monthly regular savings plan of £50 or over. If the total value of your investments is between £7,500-£249,999.99, we charge a rate of 0.35% and 0.20% if it is over this. Fees are payable on investments up to £1million.

You may also need to pay investment charges set by the company managing your funds. To find out more details on investment charges, see our Doing Business with Fidelity document.

Find out more about our fees.

Yes, you can transfer your pension to us. When you move your pension (minimum of £1,000) to us, we’ll reimburse any exit fees that your former providers charge you, up to a maximum of £500 per customer. Of course, you need to decide whether these fees will impact the future value of your pension. You should also check your pension for valuable benefits that you may give up by moving your pension.

You can find out more about transferring your pension with our pension transfer factsheet or on our pension transfer page.

Self-employed workers have the same right to a pension as those who are employed by a third party.

The State Pension is an obvious example. The rules on eligibility are exactly the same, but where an employed person would have their National Insurance contribution deducted and paid to HMRC by their employer from their gross pay, a self-employed person needs to do it themselves through their tax return.

Similarly, a self-employed person will need to open and make contributions to a pension themselves as there's no employer to take care of this for them. This could be done in a personal pension, or in any savings account, for example a stocks and shares ISA (after all, a pension at its most basic level is any money you have saved for your retirement). Both options offer the same tax efficiencies that an employed person enjoys.

Fidelity offer both a Stocks & Shares ISA and a Self-Invested Personal Pension (SIPP), both of which allow you to invest in a wider range of investments from different providers, including funds from Jupiter, M&G, Fundsmith and Invesco, as well as Fidelity's own range of mutual funds, investment trusts and exchange-traded funds (ETFs).

Explore pensions for the self-employed