Your Pension, Simplified.
The UK’s First Mobile-First SIPP.

By law, you can begin to withdraw from your SIPP at age 55 – but the regulated retirement age will rise to 57 in 2028. When you first draw down, you face several options for withdrawing SIPPs that will affect how much you pay in taxes each year. You have the option to withdraw a single tax-free lump sum of up to 25% of the total account value at once called a Lump Sum Allowance (LSA), which must be no more than £268,275, withdrawing the rest as taxable income on any schedule. Alternatively, you can opt to take 25% of each withdrawal tax-free. Finally, you can choose to leave your entire SIPP untouched to continue to grow your savings pot. Whatever remains in a SIPP on your death can be willed as an inheritance.

It is possible for an employer to make payments directly into a SIPP. If you have arranged for an employer to pay into your SIPP, email us and we will set up either one-off or regular payments.

There is a limit on the amount you can withdraw tax-free from your SIPP in your lifetime. You can withdraw any amount up to the Lump Sum Allowance (LSA) of £268,275 tax-free during your lifetime, provided that amount is no more than 25% of your total SIPP. This amount is often taken at the start of retirement as a single tax-free lump sum followed by taxed withdrawals.

Just as we don’t charge to open a SIPP, there is no cost to transfer cash or investments into or out of one. You should verify that your current broker will not charge exit fees. For example, exit fees sometimes apply to fixed-rate cash SIPP held with another broker.

You can tell us what should happen to your SIPP if you die. If you pass away before withdrawing the entire amount, the remaining value will usually be paid to your beneficiaries. They can choose to receive benefits as a lump sum, yearly income or as a flexibly accessed income. The tax they pay depends on a range of factors at the time of your death. If you die after the age of 75 your beneficiaries may pay up to 40% inheritance tax on your SIPP. This new inheritance tax will enter into force when new tax rules apply in April 2027.

You can use the EC1 app to choose from thousands of investment instruments to potentially grow your SIPP. We offer shares, bonds, funds and ETFs. Of course, your final portfolio value will depend on your choices, market risks and market performance.

You can open a SIPP if you’re over the age of 18 and UK resident for tax purposes. You should also be informed on our charges, confident in choosing your own investments, comfortable making long-term investment decisions and free from debt apart from lower-interest debt like student debt and mortgages.

While it’s possible to move shares between two SIPPs, it’s not possible to directly transfer shares and investments held in an ISA or a General Investment Account into a SIPP. If you want to sell them from these accounts, you can sell them to your dealing account then buy them back within a SIPP, a strategy known as a Bed and SIPP. This could incur dealing costs and capital gains tax, but longer-term you might be able to save on capital gains tax, depending on your choices, market risks and market performance.

There is no limit on how many pensions, or even how many SIPPs you can have. You can use any combination of workplace or personal pensions, including SIPPs. For some, liquidating and bringing several different pensions into one SIPP can bring peace of mind. It’s straightforward to transfer other pensions into our SIPP. Simply send us an email asking us to do it, either when you set up your account or at any later point.