What is a SIPP?
A SIPP, or Self Invested Personal Pension, is a tax-efficient pension scheme designed to help you grow your retirement pot, giving you a better retirement income.
One of its main advantages is that it puts you in control. You’ll decide when, where and how you invest your money, and how you receive the benefits. As long as you stay within HMRC rules of course. For more on SIPP contribution levels, click here. And by using our online tools, you’ll be able to manage your SIPP yourself.
Please note that the Willis Owen SIPP does not accept transfers from final salary pension schemes. And always remember, the value of your investment can go down as well as up, so you could get back less than you invest.
Pension schemes are a very important part of your retirement planning. If you’re not sure a Willis Owen SIPP is right for you, take a look at our quick guide below.
When is a SIPP the right option?
Right for you if:
You want to build your pension pot tax-efficiently
You’re comfortable with the risk involved
You’re okay with having the funds tied up for a long time – normally until you’re at least 55
Wrong for you if:
You might want access to the money before you retire
You’d be nervous when faced with market volatility
You want to transfer your Defined Benefit scheme into the SIPP
If you think you need a better understanding of SIPPs, have a look at our SIPP frequently asked questions.
If you’re in doubt about your contribution levels, or you already have multiple pension schemes, we’d suggest seeking advice from a suitably qualified Independent Financial Adviser.
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