Self-Invested Personal Pension (SIPP)
Shape your future with a Lloyds SIPP, with the freedom to invest your way.
Apply for a SIPPFeatures and benefits
A SIPP is a personal pension where you choose what to invest in, giving you full control and freedom over how you invest. Manage your money, your way.
Why choose a Lloyds SIPP?
Our retirement partner
Scottish Widows takes care of the daily running of our SIPP and supports you as you plan for retirement.
With more than 200 years of pensions experience, they’ll help you understand your choices and decide how to take your pension when the time comes. They’re also part of the same family as us.
Ready to get started?
If you’re ready, opening a Lloyds SIPP can help you build your pension for the future.
To apply, you’ll need to be:
You’ll need your National Insurance number and, if transferring, the provider’s name, policy number and value of each pension.
Make sure you’ve read the key features document (PDF, 210KB) and terms and conditions (PDF, 313KB).
What charges will I pay?
These charges apply to a Lloyds SIPP, including our account charges and dealing commission. You can also read our charges page for full details.
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Types of charges |
What you'll pay |
|---|---|
|
Types of charges Annual SIPP admin charge |
What you'll pay 0.25% of the value of your investments (charged monthly up to a maximum of £16.50 a month) |
|
Types of charges Online UK trades |
What you'll pay £9.50 (£8 when trading eight or more times in a quarter) |
|
Types of charges Online fund trades |
What you'll pay £1.50 per trade |
|
Types of charges |
What you'll pay Free (1% exchange rate applies) |
|
Types of charges |
What you'll pay Free |
|
Types of charges Fund manager charges |
What you'll pay Fund managers charge their own ongoing charges, read the Key Investment Information Document (KIID) to find out more. |
You may also pay government taxes and levies, depending on the investments you choose and your circumstances.
Taking money from your pension
When the time comes, you can choose what’s right for you.
Let’s look at the details
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No, you can transfer one or more older pensions. Transfers can be from as little as £1. This will open your Self-Invested Personal Pension and once this is set up, you can add more pensions to it anytime in the future.
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You can’t transfer every type of pension.
We can’t accept:
- Pensions already in drawdown
For example, where you’re already taking income or have taken a tax‑free lump sum.
- Pensions with guarantees
This is a pension with a Guaranteed Annuity Rate. It means you could get a higher income than you’d get at today’s rates when you retire.
- Guaranteed Minimum Pension or Section 9(2B) rights
These may provide you with a guaranteed income when you retire. You’re not likely to match this amount when transferring. Please check with your current provider, as they should have more details on this.
- Guaranteed Conversion Option:
This allows you to convert your pension into a fund, which gives you access to a wider, more flexible range of benefit options. At today’s rates, it’s unlikely that this fund will be worth as much as your original pension.
- Pensions with defined benefits
Also known as final salary benefits, this is where you receive guaranteed pension income based on your salary, rather than how much you’ve paid in. Your current provider should have more details on this.
- Workplace pension
A pension that you and an employer still pay into.
- Other reasons you can’t transfer
We can’t accept a transfer from a provider outside of the UK.
We also can’t accept pensions that are subject to certain legal arrangements, such as pension sharing or earmarking orders following a divorce or dissolution of a civil partnership.
This includes pensions set up using disqualifying pension credits — for example, where a pension sharing order applies to a pension already in payment or drawdown.
- Pensions already in drawdown
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To see what you may get back from your pension, we’ll provide an example illustration when you apply. These figures are only examples and aren’t guaranteed – they’re not minimum or maximum amounts.
We’ll send you a personalised illustration when your SIPP is set up.
Use our pension calculator as a guide to see what your retirement income could be. You can also see how making changes to your contributions could make a difference to your overall pension pot.
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The Lifetime Allowance (LTA) limit for personal pensions was abolished on 6 April 2024. It was replaced by the Lump Sum Allowance (LSA), which is £268,275, and the Lump Sum Death Benefit Allowance (LSDBA), which is £1,073,100.
This limits the amount of your total pension benefits that can be paid as tax-free lump sums.
There is a limit on the amount you can contribute into your pension each tax year, this is called the ‘annual allowance’.
You can contribute the equivalent of 100% of your annual earnings each year or up to a maximum of £60,000 (whichever is lower). You can also carry forward up to three previous tax years’ worth of unused allowances.
If you start flexi access drawdown with any of your pension, your allowance is reduced to £10,000 per year. This is called the Money Purchase Annual Allowance (MPAA).
Find more information about the Lump Sum Allowance at gov.uk.
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One of the benefits of investing into a pension is tax relief. If the basic rate of tax is 20%, for every £80 you pay in, the government will top this up with an extra £20.
If you’ve told us you’re eligible, we’ll add basic rate tax relief automatically to any regular or one-off contributions you make into to your SIPP. If you’re a higher rate taxpayer, you can claim additional tax relief through your self-assessment tax return.
How much you can pay in without a tax charge will depend on your circumstances.
- You can normally pay up to £60,000 (the Annual Allowance) into your pensions each tax year without paying a tax charge (or up to 100% of your taxable yearly income if less).
- If you’re not working and don’t have any income, you can still pay in £3,600 each tax year (you pay in £2,880, with £720 tax relief).
- If you’re a high earner, a lower limit could apply known as Tapered Annual Allowance. See further information at www.gov.uk.
- If you’ve taken out a taxable cash sum or flexible income, the amount you can contribute without paying a tax charge is limited to £10,000 (the Money Purchase Annual Allowance).
Tax treatment depends on your individual circumstances. Your circumstances and tax rules may change in the future.
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If you would like financial advice, you could speak to an Independent Financial Adviser. Unbiased and Vouchedfor will let you find a local adviser based on your requirements. There will be a charge for this service.
You get free help and guidance through Pension Wise. If you’re over 50, you’ll also benefit from a free 60-minute appointment.
Alternatively, our partners Lloyds Personal Wealth could also help. They provide personalised advice on a range of different products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you. To be eligible, you’ll have at least £100,000 in sole or joint savings, investments or personal pensions, or sole income of at least £100,000. Fees and charges may apply.
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You may forget about a pension you already have. This could impact how much you can save for retirement.
For further support, you can go to The Pension Tracing Service, which is operated by the Department for Work and Pensions.
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Our example pension illustration shows what happens when you invest in a SIPP over time. This includes any potential growth of a pension, starting from when you open your account, until you reach retirement.
Generic illustration (PDF, 314KB)
Need more support?
Whether you want to choose investments yourself or would like some help getting started, we offer support to suit you.
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Get started with tools that make investing simpler.
- Start‑Up Fund
A simple way to invest if you’re not ready to choose your own.
View Start-Up Fund
- SIPP Builder
Explore your options before you invest.
Use SIPP Builder
- ETF Quicklist
A curated shortlist of ETFs from iShares.
View ETF Quicklist
- Funds Select List
Expert‑selected funds to help manage risk and growth.
View Funds Select List
- Start‑Up Fund
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If you’re comfortable making your own investment decisions.
- Funds
Choose from over 2,500 funds.
Find funds
- Shares
Trade in UK and selected international shares.
Choose shares
- Bonds and gilts
Funds focused on income or lower‑risk options.
Explore bonds and gilts
- Exchange‑traded funds (ETFs)
Track markets and trade shares.
View ETFs
- Investment trusts
Access professionally managed portfolios.
View investment trusts
- Funds
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Important legal information
