We understand the world of pensions can be challenging to understand and it’s our aim to bring you transparent and simple answers. Take a look at the most popular questions in relation to iSIPP, our online portal and pension contributions.
We understand the world of pensions can be challenging to understand and it’s our aim to bring you transparent and simple answers. Take a look at the most popular questions in relation to iSIPP, our online portal and pension contributions.
iSIPP is for anyone with an existing UK pension scheme – whether they live inside the UK or not. It’s a self-invested personal pension, also known as a SIPP, but we use best-in-class technology to give you an even greater degree of control.
By choosing iSIPP, you gain the ability to invest and manage your pension fund through a wider range of investments that can support your retirement goals. It’s all accessible 24/7 through our easy-to-use online portal.
iSIPP doesn’t provide any form of financial advice or offer personal recommendations. Instead, we enable you to take control of your pension and make your own financial decisions.
Yes. You don’t need to be a UK resident to open an iSIPP – you just need to have an existing UK pension.
Yes, you can transfer a QROPS into your iSIPP. To get started, sign up today and let us know the details of your QROPS. Your current QROPS provider will need you to complete their transfer out discharge forms and will be able to provide them to you on request.
All we need from you is a few basic details, so having your current pension scheme information to hand can really speed the process up.
If you’re currently living outside of the UK, we recommend you have certified copies of a recent utility bill (dated within the last three months) and a form of identification (like a passport or driving licence).
If you are resident in the UK, our online electronic checks will be undertaken to verify your identity. If you live outside the UK, we’ll need to see certified copies of your proof of identification and address. If you need help getting your documents certified, please see our certification guide here.
Complete openness is one of our core values here at iSIPP. So, we provide a full breakdown of our fees here. Rather than combining all fees into one, you’ll see that our annual cost is made up of Trust fees, Platform service fees and Fund management charges (depending on your choice of funds).
Our smart online application process allows you to open and consolidate your pensions with iSIPP within minutes. There are just four steps:
It’s as simple as that.
Yes. In your online account, you can transfer and consolidate all your existing pensions into one pot. This allows you to easily track and manage them in a single place.
Yes, you can transfer a defined benefit pension into your iSIPP. Check out our ‘Understanding your transfer of defined benefit’ guide here to find out more. It explains the pros and cons as well as what to do if the pension is worth over £30,000.
Your current pension provider should have provided you with an annual statement that includes their contact details.
If you don’t have a recent statement, you can search for the contact details using the Pension Tracing Service. And if you can’t remember the name of your pension provider, you’ll need to contact your current and/or previous employers to find out.
It depends. If your current provider has subscribed to the ORIGO transfer service, we aim to transfer your pension within 10 days of receiving all your necessary information. If they haven’t, we aim to transfer it within 30 days.
You can still open an iSIPP account if you’re living overseas. Just let us know your current postal address when filling in your online application and upload certified copies of your proof of address.
You can change your address at any time by logging into your iSIPP portal.
You can update your contact information at any time by logging into your iSIPP portal.
Currently drawing an income from your iSIPP? We can update your bank account online, simply email us at hello@isipp.co.uk.
Any member of our team. At iSIPP, we’re by your side throughout your pension planning journey and into retirement. Simply choose your preferred contact method – you can call us on 0161 972 2841 or email hello@isipp.co.uk
We provide one of the broadest selections of funds for you to choose from, including from top fund managers such as BlackRock and Schroders. Take a look at our funds page here to learn more.
You can select your investments as part of your online iSIPP application. Simply register and we’ll guide you through the process.
If you change your mind before your transfer monies are received, don’t worry – you can reverse your decision through the online portal.
Your investments will be managed by some of the largest fund houses in the world. Their details can be found here.
Of course – we believe in giving you the power to make your own pension decisions. That’s why our online platform enables you to adjust your fund choices on demand and keep them aligned with your retirement planning goals.
As we’re all about controlling your own retirement plans, that’s entirely up to you. However, to help you identify your level of risk, all funds are risk rated and come with a key information document (KID). This is designed to help you understand the risks, costs, and potential gains and losses, as well as compare against similar funds.
Yes, iSIPP is authorised and regulated by the Financial Conduct Authority (FCA). Our reference number is 464521.
Yes. The Financial Services Compensation Scheme (FSCS) has been set up to deal with compensation if an authorised financial services firm can’t meet the claims made against it. The amount of compensation you can claim depends on the type of business and the circumstances of the claim. You can find more information on the FSCS website.
If you die, your iSIPP pension will pass to your chosen beneficiaries. Benefits payable are typically paid as a lump sum or as pension benefits, either under flexi-access drawdown or by annuity purchase. Find out more about our key features here.
Yes, of course. You can update your nominated beneficiaries at any time using your iSIPP portal account.
Yes, you can make one-off and/or regular contributions to your iSIPP. If you’re a UK resident and eligible for tax relief, you’ll also receive a 20% tax top-up on your personal contributions, subject to contribution limits.
You can contribute into your iSIPP at any time by logging into your iSIPP account and updating your contribution details.
Absolutely – simply log in to your iSIPP account and select regular contributions. Did you know we also accept regular contributions from your employer?
If you are already an iSIPP member, the minimum one-off additional or regular contribution is £250. You can choose to pay monthly, quarterly, half-yearly or annually.
If you are not an iSIPP member already you can access the ability to contribute to a pension scheme by opening an iSIPP account and transferring an existing pension scheme into your iSIPP.
You can contribute as much as you like to your pension, but you’ll only receive tax relief below a certain limit.
In any given tax year, the maximum amount of contributions you can make with available tax relief is either the ‘basic amount’ (currently £3,600) or the amount of your relevant UK earnings that are subject to income tax – whichever is greater.
The annual allowance on contributions is currently limited to £40,000. This includes contributions made by you and your employer, as well as HMRC tax relief, for the tax year. Contribute more than this into your pension and you won’t receive tax relief on any amount over the contribution limit.
You’ll be eligible for tax relief on your personal contributions if you’re less than 75 years old and classed as a relevant UK individual. That means you must meet one of these conditions:
Yes, your employer can also contribute to your iSIPP. Simply log in to your iSIPP account, update the contributions section, along with details of your employer and we will do the rest.
You can start withdrawing money from your iSIPP when you reach 55 years old. This is one of the many benefits of iSIPP – you can choose to withdraw all your funds at 55 or give yourself a regular income to support you in your retirement.
You can take up to 25% as a tax-free lump sum when you choose to retire. You can then either leave the remaining balance invested or choose to start drawing a regular or one-off income.
Yes. Once you’ve taken your 25% tax-free lump sum, the remaining balance will be subject to income tax. Payment of pension works in the same way as income tax, and we’ll use the pay as you earn (PAYE) system to deduct any tax due before you receive your payment.
When you first take an income, you’ll be taxed at an emergency rate until HMRC receives your individual tax code.
To reclaim emergency tax on your withdrawals, you’ll need to contact HMRC directly and fill in a tax claim form. The payslip we issue will help you with this.
Yes, you can transfer existing pension schemes into your iSIPP – even if you’re already drawing an income with them.
If your current pension is in capped drawdown, this will be automatically converted to flexi-access drawdown after the transfer. This gives you the flexibility to use your pension savings whenever you need them, and to use whatever amount you need subject to your retirement savings value.
It’s important to note that you’ll automatically become subject to the money purchase annual allowance when your pension is converted. This restricts your pension contributions that are eligible for tax relief to £4,000 per tax year.
That depends. Other providers have hidden costs, especially when it comes to stages such as retirement drawdown. We prefer another approach.
Here at iSIPP, we have a clear and simple charging structure that clearly shows all charges across the lifecycle of your SIPP.
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