A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment.
How much will a Standard Life SIPP cost?
The cost for our SIPP depends on the level of investments you choose as well as how much you decide to pay in.
The amount you pay for your SIPP is largely based on the types of investments you choose. Take a look at our SIPP documents to learn more about how much you could pay:
How much do I need 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 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.
Are there any discounts?
SIPP charges depend on the type of funds you choose. We also offer Fund Discounts on insured funds, based on the total value of investments.
|Total value of funds (level 1 and 2)||Level 1 fund discount (from 25 May 2022)|
|£0 to £25,000||0.3%|
You can find out more about our charges and discounts by reading the investment choices and charges guide.
Is a SIPP right for you?
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 from hundreds of pension funds plus thousands of mutual funds, Stocks & Shares and cash (SIPP bank account). Some funds can only be invested in through a financial adviser.
- Need to regularly review your investments
- For basic rate taxpayers: Pay in a minimum of £240 per month or make a yearly payment of £2,400
- Your payments are topped up by the government with basic rate tax relief. For example, £2400 becomes £3000 with basic rate tax relief added.
Active Money Personal Pension (AMPP)
Choose your investments from hundreds of pension funds or pick a Help me do it investment option and let the investment specialists manage them for you.
- If choosing the Let me do it option, you will need to regularly review your investments
- If choosing the Help me do it option, you can pick a simple fund option based on your attitude to risk, with the option to change it
- For basic rate taxpayers: Pay in a minimum of £80 a month or make a yearly payment of £800
- Your payments are topped up by the goverment with basic rate tax relief. For example, £800 becomes £1000 with basic rate tax relief added.
Try our pension calculator to see how much your pension plan could be worth in the future.