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Glossary · Pensions

SIPP (Self-Invested Personal Pension)

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By the Money Guide editorial team · Editorial responsibility: Kaiser Khan, Editorial Director · How we check facts

Definition: A personal pension that lets you choose your own investments — funds, shares, ETFs, gilts, commercial property — within HMRC's rules.

Tax relief is added to contributions at your marginal rate (basic-rate at source, higher-rate reclaimed via Self Assessment or PAYE). Standard annual allowance is £60,000; tapered for very high earners. The MPAA reduces it to £10,000 once you flexibly access benefits.

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