SIPP vs Personal Pension...which is right for you?
Both SIPPs and personal pensions are tax-efficient ways to save for retirement but they serve different needs. Choosing the right one can affect how much control you have, how your money grows, and what your retirement looks like:
What is a Self-Invested Personal Pension?
- A SIPP gives you full control over investments
- Choose from shares, funds, ETFs, commercial property, and more
- Ideal for experienced investors or those working with an adviser
- More flexibility, but can involve higher fees
What is a Personal Pension?
- Offered by providers or insurance companies
- Limited, pre-selected investment choices
- Often lower cost and easier to manage
- Less flexibility, but simpler for hands-off savers
What are the benefits of a SIPP?
Pay in up to £60,000 each tax year and enjoy 20%-48% tax relief on contributions until age 75.
Choose from a wider range of investments than many pensions, with control over where your money is invested.
Take up to 25% tax-free cash from age 55 (57 in 2028) and choose a secure or flexible income.
What are the benefits of a personal pension?
Personal pensions are managed by professional fund managers, making them ideal if you prefer not to make day-to-day investment decisions.
You’ll receive tax relief on your contributions, up to 45% depending on your income, helping your retirement savings grow faster.
With regular contributions and compounding over time, personal pensions offer a straightforward way to build a retirement fund with minimal ongoing effort.
Why Pension Advice Matters
Your pension is one of the most valuable assets you’ll ever own and the decisions you make about it will shape your retirement for decades to come. Getting the right advice isn’t just helpful, it can make a real difference to your income, your tax bill, and your peace of mind.
- Avoid costly mistakes
Without guidance, it’s easy to make choices that can’t be undone like locking into the wrong product, taking money out in a way that triggers unnecessary tax, or giving up valuable benefits. Expert advice helps you avoid these pitfalls. - Advice that’s personal to you
Your goals, your health, your savings, and even where you live can all affect what’s best for you. - Confidence and clarity
When you work with an FCA-regulated adviser, you know they’re required to put your interests first. That means clear explanations, tailored recommendations, and the reassurance that your retirement plan is on the right track.
Those who got advice say:
- 75% of those receiving ongoing advice report an improved quality of life [1]
- Users of financial advice gained, on average, around £47,706 extra in pension savings and other assets over 10 years compared to those who didn’t get advice [2]
- Those just 'getting by' saw a 24% increase to their wealth [3]
Why use our service?
Making decisions about your pension is important, and getting the right advice can make all the difference. Our service connects you with trusted, FCA-regulated advisers who are ready to help you navigate your pension choices.
- Free and impartial - There’s no charge for using our service — we’ll match you with a qualified adviser at no cost to you.
- Quick and convenient - It takes less than a minute to be matched with an adviser who understands your needs.
- Advisers near you - Our nationwide network means you’ll be connected with someone local, so you can choose how and when to speak.
How it works?
It couldn't be simpler, start by completing our online form so we can get a better understanding of how we can help.
We will use the information that you provide us with to match you with the best pension adviser for you.
You’ll hear from your local adviser shortly to book your free consultation with no pressure to proceed.
Our expert adviser network
All of the advisers we work with are FCA-authorised and regulated.
[1] Over £26.6 billion in lost pensions highlights need for retirement planning — Peter Lawson Financial News, November 2023. Read the full article
[2] According to research conducted by Royal London and ILC