SIPP
(Self-Invested Personal Pension)
By making contributions into a SIPP, you can offset your end of year tax liability when it comes to submission of your annual self assessment return. This is via Pension Relief.
​
Additionally, any contributions you make into a SIPP, will benefit from a further 20% free top up from the government.
​
Utilise the benefits of a SIPP to negate your tax liability and also bring you back into an eligible position for purposes of Free Childcare Hours. Simple opening process.
SIPP
Providers
See below a selection of popular providers who can assist with your SIPP opening requirements.
What is a SIPP?
A Self-Invested Personal Pension (SIPP) is a type of account that allows you to take charge of your retirement savings. You have the freedom to invest exactly where you want to and control how much money goes in and when.
​
You have all the same tax advantages as a traditional pension, and the government will still give you a boost of up to 45% (or 48% if you're a Scottish rate tax payer) on top of anything you pay in as tax relief.
​
You can even use a SIPP to combine all your old pensions into one easy-to-use online account. And take money out from age 55 (rising to 57 from 2028).
​
Remember, pension and tax rules can change and any benefits will depend on your circumstances. Investments can rise and fall in value, so you could get back less than you pay in.
​
Mysimplytax offer a FREE Pension Illustration every March, providing you the optimal amount to contribute to your pension (SIPP), so that your end of your tax liability is reduced to zero.
Get in touch now to find out more about Pension Relief.
FREE Pension Illustration
Available to all clients of Mysimplytax as part of our standard annual self assessment submission fee.