Most UK adults can open a Chest SIPP. Here's what you need to know about eligibility.
Basic requirements
To open a Chest SIPP, you must be:
Aged 18 or over
A UK resident
No minimum income required
You don't need to be earning to open a SIPP or make contributions. Whether you're employed, self-employed, or not currently working, you're eligible to open a Chest SIPP.
Even if you have no income, you can contribute up to £2,880 per year and the government will add 20% tax relief, bringing your total contribution to £3,600.
Maximum age
You can continue contributing to your SIPP and receiving tax relief up until age 75.
Can I have a SIPP alongside my workplace pension?
Yes. Many people have both a workplace pension (set up by their employer) and a SIPP. There's no conflict between the two.
A SIPP can be useful if you want to:
Save more than your workplace pension allows
Have more control over your investments
Consolidate old pensions from previous employers
Top up your retirement savings with cashback or saving rules
Employment status
Your employment status doesn't affect your eligibility:
Employed - you can open a SIPP in addition to any workplace pension
Self-employed - a SIPP is a popular choice as you won't have a workplace pension
Not working - you can still contribute up to £3,600 gross per year (£2,880 net plus tax relief)
Retired but under 75 - you can still contribute and receive tax relief
Who can't open a Chest SIPP?
You won't be able to open a Chest SIPP if you:
Are under 18
Are not a UK resident
Are aged 75 or over
Still not sure?
If you have questions about whether a Chest SIPP is right for you, contact us at hello@joinchest.com and we'll help.