Who can apply?
You can apply if you are 18 or over, a UK resident and:
- have earnings that count for UK income tax; or
- are resident in the UK at some point during the tax year; or
- want to make a transfer from another registered pension scheme
Can I transfer other SIPPs to ATS?
Yes. You may be able to transfer from another registered pension scheme to your SIPP Account. We charge flat Account fees that don’t grow with your investments, making our charges very competitive for larger pension pots. See how we compare.
Your current registered pension scheme might charge you for transferring and you should work out the impact of any charges on your investment before going ahead.
Before initiating a transfer you should seek professional advice on the merits of the proposed transfer that is specific to your circumstances. Your existing pension may have valuable benefits which you might lose when you transfer.
You can’t transfer money to us from a private defined benefit scheme unless you have taken advice from a financial adviser with the right qualifications and they confirm it is in your best interests. The only exception is when the total transfer value of all your benefits in that scheme is less than £30,000.
If you are interested in transferring to Alliance Trust Savings, please speak to your financial adviser.
If you don’t have a financial adviser, you can locate one near you at unbiased.co.uk.
Is a SIPP a stakeholder pension?
No. Stakeholder pensions have to meet government set standards covering payments, charges and other terms and conditions. The charges for a SIPP may be higher than for a stakeholder pension.
How do I know if a SIPP is right for me?
We cannot give you financial advice. You should understand the risks and commitments of a SIPP Account before you invest.
If you feel that you need advice to decide if a SIPP Account is right for you please speak to a financial adviser. You can search for one near you at www.unbiased.co.uk.
How does tax relief work through my SIPP?
Read our guide to Getting the most from your pension savings for information on pension tax relief and how it works.
Where applicable, we will claim monthly tax relief for net contributions made by the 5th of each month.
We then pay your tax relief into your Account on or around the 25th of the following month.
- Mr Smith makes a contribution on 2 July. He will receive his tax relief on/around 25 August.
- Mrs Jones makes a contribution on 10 July. She will receive her tax relief on/around 25 September.
We will pay your tax relief into your SIPP’s Cash Deposit Account unless you post us a signed, written instruction asking us to pay it into another of your SIPP’s Cash Management Accounts.
What are my options when it comes to accessing my pension savings?
- Take all of your savings in one go
- Take smaller lump sums and/or
- Take regular income
You’re in control and there are no limits to how much you can access at any one time. But only a quarter of your savings can ever be paid tax free. The rest is taxed as income in the tax year (or years) it’s paid out.
Read our Accessing Your Pension Savings Guide to find out more.
You can also get free, impartial guidance on your options at Pension wise.
Do you have guides that can help me plan for my retirement?
Yes, as well as our Getting the most of your pension savings and Accessing your pension savings guides, we also offer a Guide to planning your life after work all of which can be found here.
What can I expect from you as I approach retirement?
We will contact you 2 years prior to your chosen retirement date (which you will have given us when you opened your SIPP Account) and again 6 months before, reminding you of your options or accessing your SIPP savings and providing an up-to-date valuation of your Account.