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Your new SIPP is here
You can still trade as you always have but there are some changes to how you administer your account.
For existing customers without access to online banking
The pension partnership between Halifax Share Dealing and AJ Bell has ended. Choosing to stay with us and move your SIPP administration to Embark means there are some changes to how you manage your SIPP.
This page contains useful guidance on how you’ll now manage your Halifax SIPP.
Personal contributions
Set up a one off or regular payment to your SIPP.
Company contributions
Looking to make a company contribution to your SIPP.
Transfers
Find out how to transfer old pensions into your SIPP.
All in one place, all in one app!
You can access all your accounts (SIPP, Share Dealing Account, ISA and banking) in one place using the app.
Immediate basic rate tax relief
For every personal contribution you make, you don't have to wait for weeks for your tax relief (at basic rate), we instantly pay it into your SIPP.
Fewer retirement fees
With your new SIPP, there are no additional charges for accessing your benefits at retirement.
What charges do I pay?
|
Type of change |
Amount |
|---|---|
|
Type of change SIPP admin charge |
Amount Annual 0.25% of the value of your SIPP investments, paid monthly. Max charge £16.50 per month. Waived until November 2028. Your first SIPP admin fee will be collected in November 2028. |
|
Type of change Transfers (in and out) |
Amount £0 |
|
Type of change Retirement and accessing your benefits |
Amount £0 |
|
Type of change UK trading |
Amount £9.50 for each online trade |
|
Type of change International trading |
Amount £0 (1.25% Foreign exchange charge applies) |
|
Type of change Dividend reinvestment |
Amount 2% of dividend (max £9.50) |
|
Type of change |
Amount £0 |
Full list of charges
You can find our full list of charges and how interest on cash balances is managed on our charges page.
Managing your SIPP
You can manage your SIPP through online banking or the app. Here’s how to manage your SIPP
if you don’t have access or you can register for online banking
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If you don’t have access to manage your SIPP through online banking or the app, to make a personal contribution to your account, complete our online form:
For single personal contributions, complete a personal one-off contribution form.
You need to update your payees through your bank account as our SIPP payee details have now changed.
From:
Sippdeal Trustees Limited Payments In
To:
Account name: EISL Client Collection Account
Sort code: 23-05-80
Account number: 21862465
The payment reference should be your SIPP account code.
For regular personal payments, complete a personal direct debit contribution form.
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Company contributions must be from a limited company, and you must be the limited company business owner or one of the directors. We don’t accept contributions from a third party (such as your spouse, parent or grandparent) or from any other employer.
For company contributions, please follow the instructions to complete our company contribution form.
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If you’d like to switch your pension to us, just complete our online transfer form - one form for each pension you want to transfer.
If you are transferring to another provider, you’ll need to contact your new provider to request the transfer.
While we don’t charge for transfers in or out, your other provider might, it’s worth checking all fees with both providers before requesting a transfer. We don’t provide advice, so if you are unsure about transferring your pension, please speak to a suitably qualified financial adviser. There will normally be a charge for that service.Here are some examples of why you wouldn’t be able to transfer your pensions to our SIPP:
Overseas or active pensions
- You want to transfer a pension that’s with an overseas provider.
- An employer or someone other than you is currently paying into the pension you want to transfer. Although you can transfer partial amounts from an active pension (called a partial transfer), be careful you don’t inadvertently stop or cancel any active employer contributions.
Pensions with benefits
- The pension is with a final salary (defined benefits) scheme.
- You have safeguarded benefits within your existing pension – this may be a Guaranteed Annuity Rate (GAR), Guaranteed Conversion Option (GCO), Section 9(2B) rights, or a Guaranteed Minimum Pension (GMP).
- You have other valuable features within your existing pension you don’t want to lose by transferring - this includes protected tax-free cash and any protection such as lump sum and death benefits known previously as Lifetime Allowance protection.
Drawdown and other considerations
- The pension is already in drawdown – this means you’re taking an income, or you’ve taken a tax-free lump sum, from the existing pension.
- The pension is currently subject to a bankruptcy order, pension earmarking or sharing order, or other receiving orders.
- Your pension has been set up using ‘disqualifying’ pension credits from a pension sharing order (a pension sharing order has been applied to a pension already in payment or income drawdown).
Please make sure pensions you're transferring:
- are from a UK-based provider,
- are at least £1 in value,
- have not already entered into drawdown. For example, 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.
You’ll need your National Insurance number and the provider’s name, policy number and value of your pension for each pension transfer you request.
If you are over 50 and requesting a transfer to be able to access your pension savings, you should be aware of the support that is available. Being provided with guidance and advice could help you with your decisions.
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If you’re looking for more information on your retirement options, our helpful guide can assist you in making an informed decision.
SIPP Retirement Guide (PDF, 359KB)
The earliest you can usually access your pension savings is age 55 (rising to 57 from 6 April 2028). It’s worth considering if this is the right time for you to take your benefits. Generally, the longer you can leave your pension untouched, the better. There’s no maximum age to retire. So, although you can’t continue contributing into your pension over the age of 75, you can keep your pension intact as long as you like. It’s also possible to take a combination of these options.
- Leave it invested
You can leave some, or all, of your pension savings invested for now.
This might be the right option for you if you’re still considering your options or have other income to rely on for the time being. - Take it as cash
You can take some, or all, of your pension savings as cash. 25% of that can be tax-free.
Depending on how much you take as cash in one go, the tax on it could be much higher than you’re used to. - Take it as regular income (Annuity)
You can take up to 25% of your savings as tax-free cash and then use some, or all, of your remaining pension savings to buy a guaranteed income for life. This is also known as an annuity.
You can choose different features and options to protect your income for your family if something happens to you.
Please note, our Self Invested Personal Pension (SIPP) doesn’t offer an annuity option, but we can help you find a provider that does. - Take it as flexible income (drawdown)
You can take up to 25% of your savings as tax-free cash before using some, or all, of your remaining pension savings to enter into a flexible income arrangement. This is known as income drawdown.
This allows you to take the money from your pension savings as taxable income, leaving it invested until you need it.
If you’re ready to make a decision on how you want to take your retirement, Scottish Widows, our retirement partner are here to help. They’ll provide useful checklists and information to help you decide how and when to retire.
- Leave it invested
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You can manage your SIPP through online banking or the app, including making changes to things like your contributions and beneficiaries. If you don’t have access, you can register for online banking.
If you need to make any changes and don’t have access to online banking, you’ll need to contact us.
Important documents
Your new SIPP documents
Check you’ve read and understood the below updated documents for your new Halifax SIPP.
Other share dealing policies and documents
Other share dealing policies and documents
Costs and charges (PDF, 79.9KB)
Order execution policy (PDF, 86.9KB)
Conflicts of interest (PDF, 131KB)
Data privacy notice (PDF,330KB)
Your retirement
If you’re looking for more information on your retirement options, our helpful guide can assist you in making an informed decision.
What might my pension pot look like?
Our example pension illustration shows what happens when you invest in a SIPP over time. This includes any potential growth of a pension, starting from when you open your account, until you reach retirement.
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- Embark Person Pension - amendment - scheme rules 27 March 2015 (PDF, 3.2mb)
- Embark Personal Pension - Deed of Amendment - 12 August 2020 (PDF, 1.5MB)
- Embark Personal Pension - Scheme change operator - 15 Nov 2016 (PDF, 646.2KB)
- Embark Personal Pension- Deed of Amendment - 29 Nov 2022 (PDF, 177.6KB)
- Embark SIPP - Scheme change of name - 21 March 2017 (PDF, 520.8KB)
More Support
Contact us
If you need further help managing your SIPP, changing contributions, details or beneficiaries, you can chat to us online or call us.
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Important legal information
The Halifax SIPP is provided by Embark Investments Services Limited (EISL), which is a wholly owned subsidiary of Embark Group Limited. EISL, is a company incorporated in England and Wales (company number 09955930) and is authorised and regulated by the Financial Conduct authority (Financial Services Register number 737356).
Dealing and stockbroking administration services for the Halifax SIPP are provided by Halifax Share Dealing Limited (HSDL), which is a wholly owned subsidiary of Embark Group Limited and part of Lloyds Banking Group. HSDL is a company incorporated in England and Wales (company number 3195646) with its registered office at: Trinity Road, Halifax, West Yorkshire, HX1 2RG. HSDL is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 183332). HSDL is a member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.