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The cost for our SIPP depends on the level of investments you choose as well as how much you decide to pay in.
To open a Standard Life SIPP you need to make the minimum payments either on a monthly or yearly basis:
|How much you have in your SIPP||How much you need to pay in as a minimum|
£240 a month or £2400 a year, which is topped up with basic rate tax relief.
For example, £2400 becomes £3000 with basic rate tax relief added.
£80 a month or £800 a year, which is topped up with basic rate tax relief.
For example, £800 becomes £1000 with basic rate tax relief added.
You can also set up a SIPP with us by making a one-off payment of £8,000 (which is then topped up with basic tax relief to £10,000). Keep in mind that any payments you make into a SIPP will benefit from tax relief which will bump up the amount of money that’s actually paid into your pension plan.
If you are an additional or higher-rate taxpayer then you may be able to claim for additional tax relief.
Depending on where your money is invested, if the amount in your SIPP is over £50,000 then we may pay money into your plan as a discount to the fund charges. This is done by adding extra units to your fund(s) each month.
|How much money you have in your SIPP||Yearly discount rate (doesn’t apply to all investments)|
|£50,000 - £249,999||0.3 %|
|£250,000 - £499,999||0.4 %|
|£500,000 +||0.5 %|
A SIPP may be right for you, but we have other pension options too. If you want to pick your own funds but don’t have an interest in options like commercial property and specialist funds our Active Money Personal Pension (AMPP) could be right for you.
Let’s see how the SIPP and AMPP compare:
This could be a good option if you have the time and confidence to pick from our extensive range of investment choices. With a SIPP you will:
Choose your investments from hundreds of pension funds or pick an Easy investment option and let the investment specialists manage them for you.
Try our pension calculator to see how much your pension plan could be worth in the future.
We can help you learn more about our different pension options and tell you everything you need to know about putting money away for the future in a tax efficient way.