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Regardless of earnings, any individual aged 75 and under, and resident for tax in the UK , can contribute £3,600 to a pension in any one tax year or a higher amount depending upon earnings.

As from April 2006 the maximum contribution will be 100% of earnings up to a maximum of £215,000 per annum. Sipps offer great flexibility and have significant advantages over conventional pensions and yet tax relief of up to 40% on contributions is still granted.

On the basis that we believe they are only suitable for investors with a pension fund exceeding £200,000, Sipps will be most attractive to those who either can build up a fund of this size quickly or those with existing funds which are available for transfer.

One way of building up such a fund quickly is to make use of your annual capital gains tax allowance, presently £8,500, by realizing gains on, say, a portfolio of shares. Not only is this tax efficient so far as avoiding Capital Gains Tax is concerned, but income tax relief of up to 40% would be granted on reinvesting into a pension fund by way of which, should you so wish, you can buyback the same shares. Of course, thereafter, there would be no such capital gains tax payable on future gains.

Simply click on the options on the left to learn more about Sipps, including the potential benefits, and advice.

SIPPS - Self Invested Personal Pensions