A SIPP is a Self-Invested Personal Pension. It's a type of pension that gives you more control over how your retirement savings are invested. Here's what you need to know.
How a SIPP works
A SIPP is a personal pension that you set up and manage yourself. You choose how much to contribute, and you choose how your money is invested from a range of funds. Like all pensions, you get tax relief on your contributions.
Key benefits of a SIPP
Tax relief – the government adds 20-45% to your contributions, depending on your tax rate
Investment choice – you decide how your money is invested from a range of funds
Consolidation – bring old pensions together in one place
Control – see everything in one app and manage your pension easily
Flexibility – contribute what you want, when you want
How is it different from a workplace pension?
A workplace pension is set up by your employer, who also contributes on your behalf. A SIPP is set up by you, and typically doesn't have employer contributions (unless you arrange this separately). SIPPs usually offer more investment choice than workplace pensions.
Many people have both – a workplace pension for employer contributions, and a SIPP for additional savings or consolidating old pensions.
Who provides your Chest SIPP?
Your Chest Pension is administered by Quai Investment Services Ltd, which is authorised and regulated by the Financial Conduct Authority. Your investments are managed by Legal & General Investment Management (LGIM), one of the UK's largest investment managers.
Accessing your SIPP
You can access your SIPP from age 55 (rising to 57 from April 2028). At that point, you can take up to 25% tax-free and use the rest to provide retirement income. See our articles on accessing your pension for more details.
Still need help?
If you have questions about SIPPs, contact us at hello@joinchest.com.