Managed Personal Pension

A Self-Invested Personal Pension (or SIPP, for short) provides two main tax benefits:

• You don’t pay capital gains or income tax on your investments as they grow
• You'll get an instant tax relief top-up of 25% on personal contributions.

You pay your own money into a SIPP, and can adjust how much you pay in, making it a popular option for self-employed people looking to make personal contributions — and those looking to have more than just their workplace pension for retirement.

A Wealthify SIPP will typically be invested in a wide range of investments, including shares, bonds, and property. However, it slightly differs from a standard SIPP, as our team of investment experts manage your portfolio for you. 

Currently, there’s no limit on how much you can pay into your pension, however, you won’t receive tax relief on anything over £60,000 or 100% of your salary, whichever is lower. The £60,000 limit includes all payments, including the government top up and employer contributions – so it is actually £48,000 of your contributions, plus £12,000 tax relief.

If you go over this limit you won’t receive tax relief and will have to pay an annual allowance charge which will be added to the rest of your yearly taxable income.

If your income is less than £3,600 a year, you will only be able to contribute up to £2,880 with tax relief. You can make further contributions but will not be not entitled to tax relief on them.

The following initial minimum deposits apply to each of our investment products.

Junior ISA: £500

Stocks and Shares ISA: £1,000

Personal Pension: £1,000

General Investment Account: £1,000

After opening your account, you can top-up (via one-off or regular monthly payments) a Junior ISA, Stocks and Shares ISA, and General Investment Account with £1 or more; Personal Pension payments need to be at least £50.

You can access your pension when you turn 55 (rising to 57 in 2028). Subject to current pension rules, you'll be able to withdraw 25% of the total amount tax-free, with the rest being taxed based on your individual circumstances. However, you don’t have to take any of your pension if you don’t want to. If you’re still working, for example, you can leave the money in your pension – and continue to contribute – until you retire.

The way you take your money out of your pension (a process known as moving your pension into drawdown), will vary depending on the type of pension you have.

If you have a defined benefit pension, you will receive a specific income for life, which should increase every year. If you have a defined contribution scheme, then you’ll be able to choose how you want to withdraw your funds using one of the following methods:

• Take your whole pension in one go as a lump sum.
• Withdraw money whenever you need it.
• Receive a regular income.

One of the easiest ways to trace old pensions is to use the government’s online Pension Tracing Service.
To use this service, you’ll need either the name of an employer or pension provider, as it can’t tell you whether you actually have a pension, or its value.

Once you’ve agreed to the service’s declaration, it’s then just a matter of answering a few simple 'yes’ or ‘no’ questions, including:

• Are you looking for an NHS, civil service, teacher or armed services pension?
• What type of pension are you looking for?
• Do you know the name of the employer, who set up your workplace pension?
• Do you know the name of your workplace pension scheme?

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Wealthify automatically adds the 25% top up when you make a personal contribution to your pension and only if you ticked the box to state your eligibility for tax relief when you opened the SIPP. So, if you personally pay in £1,000, the government adds another £250, making the total £1,250. However, if you’re a higher-rate taxpayer, you may be entitled to more, in which case you will need to contact HMRC to be able to access higher-rate tax relief. This will need to be submitted on your annual tax return.

When you open a SIPP with Wealthify, you must tick the box to say you are eligible for the tax top-up. We then automatically add the 25% top up to your pension when you make personal contributions. This means we do all the work for you and you don’t need to claim anything yourself. However, if you’re a higher-rate taxpayer, you’ll need to contact HMRC for tax relief at the higher rate.

You can transfer most types of pensions to Wealthify, apart from:

• Pensions with a defined benefit (DB), guaranteed annuity rate (GAR), guaranteed minimum pension (GMP), or final salary promise;
• Pensions with protected benefits such as Protected Tax-Free Cash, or Protected Pension Age;
• Pensions you’re already taking an income from;
• Overseas pensions, including Qualifying Recognised Overseas Pension Schemes (QROPS);
• Crystallised plans.

Please note we can only accept defined contribution plans that have no safeguarded benefits or guarantees.

No, unfortunately, we’re not able to accept pensions that are already in payment or if you’ve already taken income from.

Yes, however you can't pay into your Wealthify Pension from your business account. Instead you must pay from the personal bank account registered to your Wealthify account.

A personal pension can be great for sole-traders, freelancers, contractors, seasonal staff, directors in limited companies and more. Thanks to the flexibility of contributions, you can add to it when it suits you and change or pause your payments at any time using our app or online dashboard.

Take control of your future finances by starting a Self-Invested Personal Pension today.