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SIPP stands for self-invested personal pension. This type of pension allows you greater freedom to choose how your pension pot is invested, compared to a standard pension. With this added flexibility, you can choose where your money is invested.
The money in your pension will be held until either the day you retire, or when you decide to access your money after turning 55.
Tax treatment depends on individual circumstances and may be subject to change. Pensions are a long-term investment. The retirement benefits you receive from your pension plan depend on a number of factors including the value of your plan, which isn’t guaranteed, and can go down as well as up. The benefits of your plan could fall below the amount paid in.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
Schroders Personal Wealth is a trading name of Scottish Widows Schroder Personal Wealth Limited.