Self-invested personal pension (SIPP)

All personal pensions are defined contribution schemes, meaning returns are based on how much is paid in, how the investments perform over time, and what charges are paid. A SIPP is a type of personal pension which works in a similar way, but usually offers you a much wider choice of investments. 

For more information, take a look at our article on the differences between a SIPP and other types of personal pension.

Your employer adds to your workplace pension, helping to build up your pot. A SIPP isn’t meant as a replacement for this, but can be used alongside it. Find out more here.

Before you take out a SIPP, it’s worth checking whether you might be better off paying more into your workplace pension – for example, because your employer might put in more too.

There's no limit on how many SIPPs you can have, but there is an annual limit on how much you can save and a lifetime limit on how much can be paid tax-free when you take your benefits. Read more about the annual allowance and other limits and restrictions on pension savings in the questions below.

There's a limit to how much can be paid into a pension in a tax year before you have to pay a tax charge. This maximum amount is known as your annual allowance. It applies to the total payments to all pensions you have, including workplace pensions and personal pensions (such as SIPPs) from all sources, and includes any tax relief.

Your allowance is £60,000 in this tax year. This may be lower if you've already taken money out of a pension or earn over £200,000.

Learn more about pension tax relief and allowances.

The lump sum allowance is how much you can be paid from all your pensions tax-free during your lifetime and in 2025/2026 it’s £268,275. The lump sum & death benefit allowance is the tax-free limit for payments during your lifetime and on death – it’s currently £1,073,100. UK income tax is payable on any benefits taken above these limits. 

If you’re a higher or additional rate taxpayer (in England, Wales and Northern Ireland), or an intermediate, higher, advanced or top rate taxpayer (in Scotland) and paying into a personal or group personal pension, you can claim back additional tax relief via your self-assessment. You just need to include your pension contributions when you file your return.

From the age of 55 (increasing to 57 on 6 April 2028 unless you have a protected pension age) you can take a cash lump sum, withdraw only when you need it, buy a guaranteed income for life, or a bit of everything. However you take your money from your pension, 25% of your pension fund will normally be tax-free. Explore the different ways to take your money.

You and your employer can only pay into a SIPP until you turn 75, but you can transfer a pension at any age.

Eligibility

To pay into a SIPP with Aviva, you must be between the ages of 18 and 75. There’s no upper age limit for transferring pension pots. You control how much you save and how often, and you benefit from tax relief.

Our SIPP can only accept contributions from you which qualify for tax relief. This means that their value including tax relief must be within your earnings, or £3,600 if you earn less than that. Also, remember the annual allowance – read more in the questions above.

Minimum payments

You can start investing in our SIPP from as little as £25 a month, make a one-off payment of at least £5,000, or do a bit of both - a minimum one-off payment of £1,000 plus monthly payments of £25 or more. You can start or stop payments at any time.

Getting started

To open an account with us, you'll need a MyAviva account and to have your National Insurance number, and bank details or debit card to hand.

We’ll ask you to choose investments when you apply. If you want to decide later, that’s fine – you can pay your money into cash to start with. If you choose now and then change your mind, you can pick new ones at any time.