For most people, this is the biggest question when they start a pension. You should consider putting aside as much as you can reasonably afford without overstretching yourself: the long-term rewards can be well worth it.
To obtain a forecast of what your state benefits could be worth, please use the link below to access the state pension pages of the Government's Pension Service site.
Access the Government's state pension pages
The minimum regular payment into the Standard Life SIPP is £300 a month or £3,000 a year.
The minimum single or transfer payment is £10,000 (see note 1).
If you already have a fund of at least £50,000, the minimum regular payment you can make to the plan is £100 gross a month or £1,000 gross a year, and the minimum additional single or transfer payment is £10,000 gross (see note 1).
The maximum amount you can invest if your earnings are zero is limited by HM Revenue & Customs to £3,600 a year. If you have relevant UK earnings, you can invest up to 100% of your relevant UK earnings for that year (including tax relief).
If you wish to withdraw income immediately, you must pay at least £100,000 into the SIPP.
Note 1: Transfers less than £10,000 are acceptable as long as the total value of all transfers into the plan at the same time exceed £10,000.
Remember that if you are unsure how much you should pay into your pension, you should speak to your financial adviser. There may be a cost associated with obtaining advice.
