Self-Invested Personal Pension (SIPP)

Whilst you won’t be able to open a SIPP at the moment, you can be the first to know when the Barclays SIPP becomes available.

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Online – using a debit card

Simply log in to Smart Investor to top up your SIPP. Once you’re logged into your account, go to the ‘pay in’ section, where you’ll find a link which takes you to the website of your SIPP administrator AJ Bell. They’ll process your contribution. You’ll be asked for your SIPP Account number and your date of birth.

Please note it will take up to five working days for the money to be available to invest in your SIPP account.

Alternatively, if you top up using any of the options below, you need to complete an Additional Contribution form [PDF, 207KB] which should be sent by post to barclayssippadmin@ajbell.co.uk or by post to:

Barclays
SIPP Administration Team
AJ Bell Management Ltd
4 Exchange Quay
Salford Quays
Manchester
M5 3EE

Online – by electronic transfer

Transfer money into your SIPP directly from your bank account. To make an electronic transfer, use the following details to pay in:

Account Name: STL Payments in Account
Account: 06980213
Sort Code: 12-27-34
Reference: [SIPP Account number]

You should see the money on your SIPP within 3-5 days of making the payment to AJ Bell. 

Cheque

To pay into your SIPP by cheque, please make it payable to “Sippdeal Trustees Ltd RE (your name)” and send together with the Additional Contribution Form.  Cheques can take up to five days to clear so this can take up to 10 days to appear on your SIPP.

Direct Debit

It’s easy to make regular contributions to your SIPP by Direct Debit. All you’ve got to do is complete the Direct Debit form [PDF, 225KB] and return it to the SIPP administrator, along with your Additional Contribution form [PDF, 207KB].

There’s a limit on the amount of contributions you can make each year which attract tax relief, known as your Annual Allowance. This applies to all the total pension contributions that you make in the tax year as you can pay into more than one pension. For most people, this is currently £40,000 per tax year, or 100% of your earnings, whichever is lower.

If you have enough income in the current year, you can increase contributions by any unused allowances for any of the last three tax years, provided that you belonged to a pension scheme at that time.

If you exceed your Annual Allowance you will normally face a tax charge, as any excess contribution will be subject to your marginal rate of income tax.

Your annual allowance will be reduced if:

• You have drawn a taxable sum from a defined contribution pension, in which case the amount that you can pay into pensions and receive tax relief reduces to £4,000 per tax year or 100% of your income, whichever is lower (and you can also no longer make payments in relation to previous tax years);
• If you earn over £110,000 and your income and pension contributions made on your behalf exceed £150,000 your Annual Allowance will be tapered.

There’s also a maximum total amount that you can hold within all your pension funds without having to pay extra tax when you withdraw money from them. This is currently £1.03m.

You’ll need to complete a SIPP transfer form to arrange a transfer into your SIPP. The form can be found by logging in to My hub and selecting ‘SIPP’. We accept transfers from UK pension funds such as:

• Personal pensions
• Executive pension plans
• Stakeholder pensions
• Group pension plans
• Company-sponsored money purchase schemes

Please note that we can’t accept transfers from final or average salary pension schemes into the Barclays SIPP, even if you received advice, as it’s unlikely to be in your best interests to transfer these savings into a SIPP. If you’re unsure if your pension can be transferred in, please get in touch with AJ Bell directly.

Before transferring your pensions, you should check that you wouldn't be giving up any valuable benefits of your existing pensions. This might include loyalty bonuses, guaranteed annuity rates or even spousal pensions. We’ll refund transfer-out charges up to a maximum of £500. Refunds of transfer out charges will be paid into the current account that is linked to your SIPP account. You can view the terms and conditions of this offer [PDF, 221KB]

You’ll need to consider any exit charges that could apply before transferring a pension, and any guarantees you could lose.

For example, you may lose your employer’s contribution as few employers will contribute to a SIPP. There could be other loyalty benefits you’ll forego such as access to a Guaranteed Annuity Rate. These can amount to significant sums of money so it’s really important to make sure you understand the possible ramifications before transferring a pension to ensure you’re making the right decision.

Also, please note that we don’t accept transfers from final or average salary schemes.

Moving your pensions into a SIPP may not always be the best decision, so if you have any doubts whether you should transfer a pension, you should seek advice from a professional financial adviser. Tax rules can change and their effects on you will depend on your individual circumstances. For more information on SIPP Transfer and possible penalties read our factsheet [PDF, 221KB].

It’s important to think carefully about the impact of taking benefits or making withdrawals from your pensions on both your current tax position and how you’ll fund your retirement in the future. You can draw benefits from your pension at age 55 (rising to 57 by 2028). You can either:

• Take up to 25% of your savings tax-free and then draw a taxed income as you need too; or
• Take a lump sum or even the whole fund at once and 25% will be tax-free. Beware, taking money out of one or more of your pensions in this way may increase your income in a given year significantly and result in you paying more tax than you would do if you drew an income gradually; or
• Buy an annuity – set up an income for the rest of your life; or
• Take smaller amounts as and when you like with 25% of each withdrawal being tax-free; or
• You can also use a combination of these options.

Read our factsheet [PDF, 221KB] for more information on taking benefits from your SIPP and things you should consider first.

All amounts drawn above the 25% tax-free lump sum will be taxed at your marginal rate at the time.