Self-Invested Personal Pension (SIPP)

Take control of how your personal pension savings are invested

You’re in control

Choose what you invest in, how much and how often. You’re in the driving seat.

Thousands of investment options

Dive into the world of investing, with tools and resources to guide your way.

Get tax relief on your savings

When you make personal contributions into your SIPP, you’ll also benefit from 20% immediate tax relief. Higher or additional rate tax-payers can claim back even more.

We were selected as one of Which’s great value investment platforms in March 2025.

What is a SIPP?

A SIPP is a personal pension you set up with us that gives you more freedom over how you invest than some other personal pensions.

You decide how much and how often you pay into it, and manage how your money is invested.

Find out more about SIPPs

Is a SIPP right for me?

Before you apply, make sure a SIPP is the right choice for you.

Tax relief and your SIPP

When you make personal contributions into your SIPP, you’ll get 20% tax relief added from the government. So if you were to pay £80 into your SIPP, you’d get an extra £20 in tax relief, bringing your total contribution up to £100. Higher or additional rate tax-payers can claim back even more through annual self-assessment.

Learn more about tax relief on pensions

 

Why a Scottish Widows SIPP?

  • Our admin charges are competitive. You’ll pay 0.25% of your investment value a year (maximum £16.50 a month), and there’s no additional charge to transfer or drawdown your pension.
  • Manage your pension and trade on the go with our award-winning app.
  • Get expert help and analysis to do your own investment research or use our Start-Up Fund if you’re not sure how to get started.
  • Pay in as little or as much as you want. Limited company director? You can also make employer contributions from your business.

SIPP fees and charges

Our admin and trading charges are competitive, with no hidden charges, free international trading (FX rates apply) and free regular investing with a Regular Investment Plan.

  • See all our charges

    Type of charge

    What you’ll pay

    Type of charge

    Annual SIPP admin charge

    What you’ll pay

    0.25% of the value of your investments (charged monthly, up to a maximum of £16.50 a month)

    Type of charge

    Online UK trades

    What you’ll pay

    £5 per trade

    Type of charge

    What you’ll pay

    No commission (1.5% exchange rate applies)

    Type of charge

    What you’ll pay

    Free

    You may also pay government taxes and levies. This depends on what investments you choose and your circumstances.

What might my pension pot look like?

Our example pension illustration shows what happens when you invest in a SIPP over time. This includes any potential growth of a pension, starting from when you open your account, until you reach retirement.

Generic illustration (PDF, 241 KB)

Pensions are a long-term investment. The benefits you receive depend on a number of factors, including the value of your pension pot when you choose to claim any benefits. That value isn't guaranteed and can go down as well as up. It could fall below the amount paid in. Any tax treatment depends on your personal circumstances and may change in the future.

Ready to get started?

Apply for a SIPP

Make sure you’ve read the SIPP key features document (PDF, 293KB) and terms and conditions (PDF, 194KB).

To apply, you must:

  • be age 18 to under 75
  • be a UK resident and UK taxpayer
  • not be a US person.

Any pensions you’re transferring need to be:

  • from a UK-based provider
  • not already in drawdown. For example, you’ve not taken an income or a tax-free lump sum from them.

Make sure they don’t have any valuable features or guarantees that you’d potentially lose upon transferring. If you are unsure about transferring, please seek financial advice. There is usually a charge for advice given.

You’ll need your National Insurance number and, if transferring, the provider’s name, policy number and value of each pension.

Apply for a SIPP

Choosing your SIPP investments

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We've worked with iShares by BlackRock to bring you our ETF Quicklist – a shortlist of ETFs covering different countries and themes.

Access a wide range of stocks with just one investment.

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Start-Up Fund

Based on the year you plan to retire, and designed for a typical investor, this fund is a good place to start if you’re not ready to choose your own investments.

Explore our Start-Up Fund

Market news

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Research centre

Frequently asked questions

  • A SIPP lets you make your own decisions about how to invest your pensions savings. If this sounds daunting, leaving it up to the experts with a Ready-Made Pension might suit you better.

    Or if you’re keen to manage your own investments, but you’re not sure how to get started, our Start-Up Fund is our default option, based on the year you plan to retire.

    • Need access to your money in the short term? You won’t be able to take your pension savings until you turn 55 (rising to 57 on 6 April 2028). 
    • No emergency savings? Outstanding debts to repay? Now might not be the right time to start investing.
    • Got a workplace pension? Make sure you’re getting the most from it. You usually get extra contributions from your employer, and they may pay even more if you do too. Workplace pensions also tend to have lower charges.

    If you’re not sure about any of this, you can talk to a financial adviser. There’s usually a charge for financial advice. 

  • Yes, you can usually transfer a pension into a SIPP, either when you apply for your SIPP or once it’s set up.

    It’s a good idea to get in touch with the pension provider and make sure:

    • the existing scheme will let you transfer your pension
    • there aren’t any special features of the pension you want to transfer, such as being about to take more than your 25% tax free lump sum, or taking it earlier than 55 (rising to 57 in 2028).

    If you’re not sure about any of this, it’s worth talking to a financial advisor. There’s usually a charge for financial advice.

  • Maybe. You can start a personal pension on top of your workplace pension. But it’s worth checking that you are getting the most out of your workplace pension first.

    Think about increasing your workplace pension contributions. Your employer usually matches these contributions, and sometimes will pay more. Charges on workplace pensions can be lower too.

    It’s a good idea to compare things like charges and investments before opening a personal pension on top of your workplace pension.

  • It depends on how much control you want to have over how your money is invested.

    With a SIPP, you decide what to invest your pension savings in, such as shares, funds, bonds, gilts, Exchange Traded Funds (ETFs) and more. This will involve research and learning about how investing works. If this sounds like the sort of things you’re confident to do, then a SIPP could be a good option for you.

    If you’d prefer a hands-off approach, a Ready-Made Pension could be a better option for you. With this type of pension, you tell us when you intend to start taking your money, and our experts will invest for you, slowly de-risking your investments the nearer you get to retirement.

    Still not sure? It’s always a good idea to get financial advice before making any big decisions. There’s usually a charge for financial advice.

  • A SIPP and a Stocks and Shares ISA both allow you to choose your own investments. However, there are some key differences to be aware of.

    Tax relief

    Most people can save up to £60,000 each tax year across all their pensions, without incurring a tax charge, until the age of 75. You can contribute more than this, but you’ll be taxed on those additional contributions. Find out more about tax relief on pension contributions.

    With a Stocks and Shares ISA you can currently pay up to £20,000 a year, with no upper age limit.

    With a SIPP, you’ll automatically get tax relief on your personal contributions at the basic tax rate. If you are taxed at the higher or additional rate, you could claim more through self assessment.

    Tax

    While it’s held in a SIPP or Stocks and Shares ISA, any profits earned through investments are protected from UK income tax and capital gains tax.

    Taking money out

    You can’t take money from your SIPP until age 55 (rising to 57 on 6 April 2028). You can take money from your Stocks and Shares ISA at any time. However it’s worth remembering that you should be investing for the medium to long term, so at least 5 years.

    Any money you take from a SIPP is taxable. You can normally take up to 25% of your SIPP tax-free, with the rest taxable. However, with a Stocks and Shares ISA, there’s no tax to pay on withdrawals.

  • It’s never too late to start saving into a pension, either in a SIPP or a Ready-Made Pension. Increasingly people are living and working for longer, and there's no maximum age you can retire.

    At 60 you could have decades of life ahead of you. You can still get tax relief on your pension contributions until you’re 75.

    If you’ve put off saving for your retirement until now, a good place to start could be thinking about what kind of lifestyle you’d like to have, and work back from there. A pension can be a good way to save, and there are other options you could explore as well, such as a Stocks and Shares ISA, or buying a property to rent out. 

    You can also check how much State Pension you could get and what you can do to increase it.

    Before making any big decisions, it’s worth getting financial advice to help you plan for the future. There’s usually a charge for financial advice.

Your money is protected

The Financial Services Compensation Scheme (FSCS) protects the eligible money you hold with us.

More about the FSCS

The Scottish Widows Self-Invested Personal Pension is provided by Embark Investment Services Limited, a company incorporated in England and Wales (company number 09955930) with its registered office at 33 Old Broad Street, London EC2N 1HZ. Embark Investment Services Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 737356).

Dealing and stockbroking administration services for the Scottish Widows SIPP are provided by Halifax Share Dealing Limited (HSDL), which is a wholly owned subsidiary of Embark Group Limited and part of Lloyds Banking Group. HSDL is a company incorporated in England and Wales (company number 3195646) with its registered office at: Trinity Road, Halifax, West Yorkshire, HX1 2RG. HSDL is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 183332). HSDL is a member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

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