Personal Pensions

Personal Pensions

A personal pension such as a SIPP (Self-invested Personal Pension) is designed to give you freedom and control over your money and retirement savings.

Our specialised Saga SIPP web page runs through all the options available (including letting the experts manage your investments for you) and gives you the ability to open a SIPP with Saga Investment Services.

How does it work?

We all know that it’s vital to plan for the future, but sometimes pensions can be difficult to understand and even harder to manage and keep track of. Many of us are realising that it could be time to take control. 

Personal pensions give you that control, because you get to choose your pension provider and then pick the investments within your pension yourself – or even just let the experts do the investing for you. A SIPP is a type of personal pension and you can open one with Saga Investment Services. 

What are the benefits?

  • SIPPs give you extra control over your money, because with a SIPP your pension can be invested in a wide range of funds, shares, bonds and other investments. You can let an expert choose and manage these investments for you – or you can do it yourself.

  • The Saga SIPP is straightforward to understand. As you’d expect with Saga, it’s great value for money yet there is no compromise on service. We’ve worked to keep paperwork as simple and hassle-free as possible and you’ll find our experts very easy to talk to. 

  • You don’t pay any Income Tax or Capital Gains Tax on investments held within your pension. The government also gives you tax relief on pension contributions of between 20% and 45% (depending on how much tax you pay) as long as you haven’t exceeded your allowances, which means that a £100 contribution into your pension could cost you as little as £55 out of your own pocket.

  • Saga Investment Services is a brand that you can trust. Not only do you have the reassurance of receiving great customer care through Saga, but you also have the expertise of Tilney behind you, a company highly regarded in the investment industry. 

Frequently asked questions

Who can have a SIPP?

Almost anyone under the age of 75 and living in the UK can open a SIPP. You can open a SIPP for yourself or for someone else, including your husband, wife or even your children or grandchildren. You can open a SIPP if you’ve already retired to make the most of your pension – but how much you can pay into it may be limited.

How much can I pay into a SIPP?

Usually you can pay as much in as you have earned in the year (and receive tax relief) up to a maximum of £40,000 (the 2017/18 annual allowance). But the rules are different in some situations, such as if you have an income over £150,000. Contact us for more information. 

What is your lifetime allowance?

In addition to the contribution allowance you also have an allowance set by the Government on how much you build up in a pension over your lifetime – your lifetime allowance, which is currently £1 million. If you think the value of your pension might be approaching the lifetime allowance, we can provide advice around how to approach this.

Important Information

SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. Self-directed investors should regularly review their SIPP portfolio, or seek professional advice, to ensure that the underlying investments remain in line with their pension objectives.

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Past performance is not a guide to future performance. Prevailing tax rates and relief are dependent on your individual circumstances and are subject to change. This website does not provide personal investment advice. If you are in doubt as to the suitability of an investment, we recommend you should seek professional financial advice from Saga Investment Services powered by Tilney.

Who are the providers and how are they regulated?

Saga Investment Services is powered by Tilney and is an Appointed Representative of Tilney Investment Services Limited which is authorised and regulated by the Financial Conduct Authority. Each company is registered in England & Wales. 

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