Accounts
SIPP / Pension
Tax-relieved retirement investing
A Self-Invested Personal Pension lets you invest for retirement with tax relief on contributions. Growth is tax-free, and you can take 25% tax-free from age 55 (rising to 57).
Key features & allowances
- Up to 100% of earnings, tax-relieved (annual allowance £60,000)
- 20% basic-rate relief added automatically
- Higher-rate relief claimable via self-assessment
- 25% tax-free lump sum from age 55/57
Best for
- Retirement saving — especially higher/additional-rate taxpayers
- Money you won't need before age 55
- Maximising long-term, tax-efficient compounding
Risks & considerations
Money is locked until age 55 (rising to 57). Beyond the tax-free lump sum, withdrawals are taxed as income.
For information only and not personal financial advice. Tax rules refer to the 2026/27 tax year and may change.