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Self-Invested Personal Pension

Take control of your financial future with the flexibility of a SIPP.

Benefits

  • Tax relief: Save more with immediate tax relief on your contributions.
  • Complete control: You decide - from how you invest, to how you take your pension.
  • Wide investment choice: Invest in shares, bonds, gilts, and more, including our Start-Up Fund.
  • Currently for existing Lloyds customers only. It's easy to become a customer, open an account today.

SIPP Builder

Finding the right investments for your Self-Invested Personal Pension (SIPP) can be easier with the right tools. That’s why we’ve introduced SIPP Builder, a collection of resources, tools and investment choices to make building your SIPP easier.

Tell me more

It pays to contribute

Maximise tax relief on your pension contributions before the end of the tax year.

More on tax relief

What is a SIPP?

We’re here to give you the confidence to manage your own SIPP, supporting you today, and when you’re approaching retirement.

SIPP explained

Why choose a Lloyds SIPP?

 

Competitive administration charge

0.25% annual SIPP admin charge on investment value (capped at £16.50 a month), with no transfer or drawdown charges.

Keep track on the go

Track your pension anytime, anywhere using the app, just like you do with everyday banking.

Helping hand

Use our investment tools and analysis to make your own choices, or check out our Start-Up Fund which offers a packaged solution, targeting your planned retirement age.

Flexible contributions

Make regular or one-off contributions from as little as £1. If you’re a limited company director, you can also make employer contributions from your business.

Pensions are a long-term investment. The benefits you receive depend on a number of factors, including the value of your pension pot when you choose to claim any benefits. That value isn't guaranteed and can go down as well as up. It could fall below the amount paid in. Any tax treatment depends on your personal circumstances and may change in the future.

Why should I invest in a SIPP?

 

Tax efficiency

Investments and any profits made within a SIPP are protected from UK capital gains, income and, until April 2027, inheritance tax.

When you pay into your SIPP you could also benefit from government tax relief.

  • 20% basic tax relief on your personal contributions, up to age 75.
  • Higher/additional rate taxpayers can normally claim extra relief through their tax returns.

No earnings? No problem. You can contribute up to £2,880 a year, and benefit from a £720 HMRC top up of tax relief, giving you £3,600 in total.

Control over your investments

A SIPP allows you to have freedom to decide how and where your money is invested. You can pick between funds, ETFs, UK and international shares, bonds, gilts and investment trusts.

With so many investment options available we offer a range of useful tools to help:

  • Funds select list - A shortlist of funds independently chosen by FE fundinfo, based on a set of criteria we provide.
  • ETF Quicklist - A shortlist of Exchange-Traded Funds to help you create the basic building blocks of an investment portfolio.
  • Research centre – All the latest market news and opportunities, anytime you need fresh investment inspiration.
  • Start-Up Fund – An investment solution designed for a typical investor which may be suitable for those not sure where to invest.

Looking for all of this in one place where you can decide on how you want to build your SIPP for your retirement? Click here on SIPP Builder

Combine your pensions

Combining old pensions is another way to grow your pension pot. And could cut your overall charges and admin – making it cheaper and easier to see how your money’s doing. Find out more to help decide if this might be right for you on our combine your pensions page.

Combining your pensions

Flexibility at retirement

Our SIPP offers flexible options, so from age 55 (57 from 2028) you can take money from your pension, when the time is right, in a way that suits you.

  • Drawdown (Flexi-access Drawdown) take a one-off tax-free lump sum of up to 25%, and then have the freedom to choose how and when you take the rest of your money.
  • Taking a taxable lump sum (also known as an uncrystallised pension lump sum) also allows you to withdraw as much or as little as you like as a lump sum, with 25% of each withdrawal tax-free.
  • An annuity is a way to take a one-off tax-free lump sum of up to 25%, and use the rest to buy a guaranteed regular income for life (we don’t offer an annuity but we can help you find an annuity provider to do this).
  • Leave it invested – keep your SIPP invested in the way you want to, for however long you want.

Things to consider

  • Lump sum allowance (LSA): Generally, you can take 25% of your SIPP as a tax-free lump sum, up to a maximum of the LSA, which is currently £268,275.
  • Money Purchase Annual Allowance: The Money Purchase Annual Allowance (MPAA) limit applies once you start taking income from your SIPP – this could be a withdrawal from your flexi-access drawdown or taking a taxable lump sum (UFPLS). The MPAA limits impacts the amount you can pay into your SIPP in the future without incurring a tax charge. This limit is currently £10,000 each tax year (although the Government may change this in future).
  • Lump sum and death benefit allowance (LSDBA): Currently £1,073,100, this is a limit of tax-free death benefit lump sums that can be paid to your beneficiaries on your death. The LSDBA will be reduced by any tax-free lump sums or withdrawals you have taken during your lifetime. 

Please read our Retirement guide (PDF, 304KB) for more information.

 

What charges do I pay?

It’s important that you understand what you will pay. Below are our dealing commission and account charges, but you should read our Charges page for the full details.

 

Types of charges

Types of charges

What you'll pay

Types of charges

Annual SIPP admin charge

What you'll pay

0.25% of the value of your Investments (charged monthly up to a maximum of £16.50 a month)

Types of charges

Online UK trades

What you'll pay

£11 (£8 when trading eight or more times in a quarter)

Types of charges

Online fund trades

What you'll pay

£1.50 per trade

Types of charges

International trades

What you'll pay

Free (1% exchange rate applies)

Types of charges

What you'll pay

Free

It’s important to remember that you may also pay government taxes and levies depending on the investment you choose and your circumstances.

Apply for a SIPP

You must be an existing Internet or Mobile Banking customer to open an account. Please check your personal details are up-to-date before continuing. If you don't already use Internet Banking, it's easy to register.

 

Before you start...

Please make sure...

  • you’ve read the key features document (PDF, 210KB) and terms and conditions (PDF, 313KB)
  • you’re a UK resident and UK taxpayer, aged over 18 and under 75, and not a US Person.
  • any old pensions you’re transferring:
    • are from a UK based provider
    •  have not already entered into drawdown (e.g. you’ve not taken an income or a tax-free lump sum from them.)
    • don’t have any valuable features or guarantees that you’d potentially lose upon transferring.

Apply now

You just need:

  • Your National Insurance number.
  • Any transferring provider’s name, policy number, and the type and value of each pension.

To start your application:

  • Log on to your account.
  • Find the Wealth and Retirement section on the left menu.
  •  Select Open a SIPP.
Log on and apply Log on and apply.

Apply for a SIPP

You must be an existing Internet or Mobile Banking customer to open an account. Please check your personal details are up-to-date before continuing. If you don't already use Internet Banking, it's easy to register.

 

Before you start...

Please make sure...

  • you’ve read the key features document (PDF, 210KB) and terms and conditions (PDF, 313KB)
  • you’re a UK resident and UK taxpayer, aged over 18 and under 75, and not a US Person.
  • any old pensions you’re transferring:
    • are from a UK based provider
    •  have not already entered into drawdown (e.g. you’ve not taken an income or a tax-free lump sum from them.)
    • don’t have any valuable features or guarantees that you’d potentially lose upon transferring.

Apply now

You just need:

  • Your National Insurance number.
  • Any transferring provider’s name, policy number, and the type and value of each pension.

To start your application:

  • Log on to your account.
  • Find the Pensions section through apply.
  •  Select Open a SIPP.
Log on and apply Log on and apply.

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SIPP explained

Find out more about Self-Invested Personal Pensions with Lloyds.

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FSCS protected logo 

Your money is protected

Investments totalling up to £85,000 are protected by the Financial Services Compensation Scheme. This limit applies to the combined total of stocks or cash holdings in these brands that we administer.

This is in addition to any savings you hold across Lloyds Banking Group.

Important legal information

Lloyds and Lloyds Bank are trading names of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

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Pick your own investments

Looking to invest but want more control? Our pick your own investment accounts are designed to help you hit your investment goals.

Our accounts