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Self-Invested Personal Pension (SIPP)
Take control of your financial future with all the benefits of a pension, plus the freedom to decide where your money is invested.
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 Bank of Scotland customers only. It's easy to become a customer, open an account today.
For customers with an existing account administered by AJ Bell (opened before 25th October 2024), see how to manage your account.
Why choose a Bank of Scotland 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.
Why should I invest in a SIPP?
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.
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 |
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 £9.50 |
|
Types of charges Online fund trades |
What you'll pay £9.50 |
|
Types of charges International trades |
What you'll pay Free (1.25% exchange rate applies) |
|
Types of charges |
What you'll pay Free |
Before you apply
Make sure you’ve read the key features document (PDF, 208KB) and terms and conditions (PDF, 305KB).
To apply, you must:
- be age 18 to under 75
- be a UK resident and UK taxpayer
- not be a US person
- pay a minimum payment of £150 a month or £5000 one-off (both include tax relief) or transfer pensions with a combined value of at least £10,000.
If you’re transferring, make sure any old pensions:
- are from a UK-based provider
- 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, if transferring, the provider’s name, policy number and value of each pension.
Apply for Self-Invested Personal Pension (SIPP)
You'll need to be registered or able to register for online banking to apply for the account. Please check your personal details are up-to-date before continuing.
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SIPP Builder
Your hassle-free way to help find the right investments for your SIPP.
Ready-Made Pension
For an easier way of saving for your retirement, see how our Ready-Made Pension could help.
SIPP explained
Find out more about Self-Invested Personal Pensions with Bank of Scotland.
Your money is protected
Investments with Bank of Scotland Share Dealing are protected up to a total of £85,000 by the Financial Services Compensation Scheme. This limit is applied to the aggregated total of any stock or cash held across the following brands which we administer.
This is in addition to any other savings deposits you may hold across Lloyds Banking Group.
Important legal information
Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.
Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
