Our Technical Team are continually updating our Fact Sheets and Booklets on the main rules governing SIPPs.
Contributions
In any tax year, a member can contribute up to 100% of their 'relevant UK earnings' to registered pension schemes (tax approved pension schemes), for that tax year and get tax relief on those contributions. Read more...
Annual Allowance
Each tax year, HM Revenue & Customs (HMRC) impose an ‘Annual Allowance’ on the level of tax relievable pension savings a person can benefit from in that year. Read more...
'In-specie' Contributions
Under current legislation, contributions to a registered pension scheme, such as The PY SIPP, must be made as a monetary amount. Read more...
Taking Benefits
You may take benefits at any time between ages 50 and 75 (or ages 55 and 75 after 5th April 2010). This includes any Protected Rights. If you are in ill-health, you may be able to take the Non-Protected Rights earlier. Read more...
Lifetime Allowance
There is an overall ceiling on the amount of tax privileged pension benefits that a person can be provided in their lifetime from all tax approved UK pension schemes (‘Registered pension schemes’) after 5th April 2006. This is called the Lifetime Allowance. Read more...
Benefits on Death
The benefits that can be provided on a member’s death will depend on various factors. Read more...
ASP after age 75
The rules on drawing income withdrawal after age 75 (called an ‘Alternatively Secured Pension’) are much stricter than before age 75 (called an ‘Unsecured pension’). Read more...
Unquoted Shares
In principle, a SIPP may invest in unquoted shares, subject to certain restrictions and conditions. Read more...
Disclaimer : The information contained on this website was published prior to the new regulations relating to higher rate tax payers announced in the April 2009 Budget. It should be noted that higher rate tax payers whose total income (NOT just earnings) is £150,000 per annum and above will not be entitled to tax relief at 40% from 6 April 2011. Interim measures were brought in with effect from the date of the Budget, 22 April 2009, to prevent people from pre-empting the change and maximising their funding until April 2011. The legislation is still in draft, but details of our current understanding of the proposed legislation and the interim measures are contained in a Technical Bulletin which will be available shortly.