-

Self-Invested Personal Pension (SIPP)

A tax-efficient way to save for retirement.

Remember, the value of investments can fall as well as rise, and you could get back less than you invest. 

We don’t offer personal financial advice, so if you’re not sure about investing or how a pension works, seek independent advice. Tax rules can change and their effects on you will depend on your individual circumstances. Once money is paid into a pension it cannot be withdrawn until you are aged at least 55 (increasing to 57 from 2028).

What is a SIPP?

A self-invested personal pension (SIPP) is a type of tax-efficient personal pension that usually offers you access to a wider choice of investments than other types of pension.

  • You won’t be restricted to pension funds offered by any single pension provider, but instead can invest in a broad range of investments from a range of different providers
  • Your returns from investments within a SIPP are protected from income tax and capital gains tax (CGT)
  • You’ll receive tax relief at your marginal rate on an Annual Allowance, which for most people is £40,000 or 100% of your earnings, whichever is lower1
  • You can pick from a wide range of options when you take your pension benefits, including a cash lump sum, a flexible or guaranteed income – or you can combine multiple options.

A SIPP will only be right for you if you’re confident making your own investment decisions and managing your pension payments against the relevant allowances. If you’re unsure, please seek independent advice.

Why choose the Barclays SIPP?

Expertise

Barclays has more than 325 years of history and expertise in banking and investments

Our SIPP is provided and administered by AJ Bell, an award-winning pension provider. They will reclaim any tax relief you’re due on contributions, make income payments to you and generally ensure that your pension runs properly

We provide access to tools, articles, videos and research to help you make your investment decisions and we will process your dividend and income payments.

Flexibility

Pay lump sums into your SIPP, or make regular contributions, whichever suits you best

Choose where to invest from over 2,000 funds, Exchange Traded Funds (ETFs), investment trusts and shares

Manage your pension online whether you’re at home or on the go

Transfer existing pensions into a Barclays SIPP, potentially giving you access to a wider range of investment opportunities. Before transferring check that you won’t be giving up any valuable benefits from your existing pensions, that our SIPP administration charges aren’t higher than your current pension plans, and you won’t be liable for an exit penalty by your current provider. See our SIPP Factsheet for more information.

Support

Live Chat online support should you need any help or information

Contact us by telephone if you want to talk to someone.

Remember, the value of investments can fall as well as rise, and changes in tax rules can affect your pension savings.

Fees

What are the SIPP fees?

Our fees are transparent, so you can clearly see what you’re paying for.

The monthly Customer Fee (0.2% pa for funds and 0.1% p.a on other investments) paid to Barclays Smart Investor is calculated based on the value of your entire portfolio, excluding cash. This fee covers the running of your investment account. You’ll also pay a transaction fee each time you buy or sell an investment. 

In addition to the Customer Fee above, there is a SIPP Administration fee. All SIPP accounts pay an AJ Bell Administration fee of £31.25 plus VAT per quarter, or part of a quarter (£125 + VAT p.a).

How are the fees paid?

The fees can be collected from available cash within your portfolio and Barclays will pay the SIPP Administration fee to AJ Bell directly. No part of the Administration fee is kept by Barclays.  If you prefer, you can instruct us to collect your Smart Investor fees from your nominated bank account, rather than your SIPP.

Depending on your activity, additional SIPP charges may apply. You’ll only pay fees that relate to how you manage your SIPP.

Transfer pensions to us

If you have pensions elsewhere, you can transfer them to us at any time – but before you start, you’ll need a Barclays SIPP.

Notify me

Transferring a pension doesn’t affect its tax-efficient status, but you should make sure that you don’t have to pay penalties or give up valuable benefits – and that you're aware of all the risks and drawbacks involved in this. We will not accept transfers of defined benefit pensions (e.g. final or average salary pensions).  If you’re unsure whether to transfer a pension, seek professional independent advice. 

Read an explanation of drawbacks and risks to be aware of when transferring pensions [PDF, 221KB]

Tax rules can change in future. Their effects on you will depend on your individual circumstances.

If there are any charges to transfer out of your current pension, we’ll refund these 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 here.

Learn more about SIPPs

The value of investments can fall as well as rise. You may get back less than you invest. Tax rules can change and their effects on you will depend on your individual circumstances.

Types of pension

Pensions can seem complex and daunting, especially if you’re new to them. But there are lots of options available to suit individual needs and circumstances. We take a look at the main types of pension and explain how they work.

What is a SIPP?

If you’re looking for greater control over how your retirement savings are invested, and you have investment expertise and the necessary time then a self-invested personal pension (SIPP) could be worth considering.

Why you're never too young to save for retirement

Retirement might seem a long way off. And if that’s the case, then great, because you’re in the best position to start planning for what should be the longest holiday of your life.

Pension articles

There's a wide range of pensions available to help you build your retirement income, from company plans arranged by your employer, to personal pensions which you can set up with a pension provider whether you are employed, self-employed or not working.

Pensions are now more flexible than they have ever been, giving you a wide range of options when it comes to accessing your retirement savings. You can find out more about pensions and retirement planning here.

FAQs

  • How do I open a 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.

    Notify me

  • How do I top up my SIPP?

    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 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 TPA Contributions
    Account: 06980125
    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 and return it to the SIPP administrator, along with your Additional Contribution form.

  • How much can I pay into my SIPP?

    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.

  • How do I transfer an existing pension into my SIPP?

    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 here.

  • What do I need to check before transferring a pension into my SIPP?

    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.

  • How do I draw benefits from my SIPP?

    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 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.

Call us

If you have any questions, you can give us a call on 0800 279 36672