SIPPs: Everything You Need to Know

This explains everything you need to know about SIPPs; what they are, how they work, how you get "free" money from the government, the risks, and more. If you have any questions, ask in the comments and we'll try to answer!

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🕧 Timestamps:
0:00 What is a SIPP?
0:43 Why use a SIPP?
3:04 Government contributions & allowances
6:05 What you can invest in
7:02 When can you access your funds?
8:11 The drawbacks
8:56 How to set up a SIPP

This video does not represent financial advice, and we are not financial advisors. When investing, your capital is at risk. Investments can rise and fall and you may get back less than you invested. Past performance is no guarantee of future results.

[FinancialInterestcom]

We try to keep it accurate and up to date, whereas this video might become outdated - sometimes quickly! 😀

[damox]

One small issue I thought I’d mention

The tax relief is based on the gross amount, not the amount you paid in. So instead of the contribution amount being 2000 x 1.2, it would be 2000/0.8 which comes out to 2500 not 2400

You later got this right with the 48, 000 contribution and 12, 000 in tax relief.

Besides that little nitpick, brilliant video, very clear and concise explanation!

[priestland]

can i transfer my current pension (scottish widows) into a SIPP? i guess it depends which SIPP you choose?

[adamstockton]

Do you know when InvestEngine will allow pension transfers?

[jw]

A risk with pensions is the government can change the age at which you can access it whenever they want. You should still have a pension, but be aware of this.

[marcwareham]

I’ve got a feeling the state pension will be reserved for people who haven’t got a private pension! So I’m wondering if I should bother!