How many SIPPs can I have?

Find out more information about the number of SIPPs you can have at any one time.

Published: 25 Sep 2024

A self-invested personal pension (SIPP) is a type of tax-efficient personal pension. Generally, they have a wider range of investment opportunities. Which in turn gives you more options when it comes to how you want to invest. They can be great if you’re self-employed and don’t have a workplace pension.

Remember, the value of a SIPP can fall as well as rise, so you could get back less than what has been paid in. Tax rules depend on individual circumstances and are subject to change.

Can I have more than one SIPP?

Yes, technically there are no limits on how many SIPPS you can have. But, there are a few things you should think about before opening more than one.

Advantages to having more than one SIPP Disadvantages to having more than one SIPP
Variety – Although many SIPP providers offer a wide range of investment funds, you might be after something specific. This might be a reason to have more than one. Charges – Each plan you have will have its own service charge. There may be additional charges depending on the funds you choose.
Risk management – By having multiple SIPPS you’ll be able to vary your risk profile. Payments – You will need to keep track of the amount you’re paying into each policy for your annual allowance.

Cost-effective – Sometimes, it can end up more cost-effective to have more than one SIPP. You can then tailor each SIPP to each style of investment you’re looking for.

 Extra paperwork – Although you can go paperless with a lot of things these days, you’ll still have to sift through multiple annual statements and general documents.

Considering the key pension rules

Every pension works slightly differently, but the rules are the same:

  • In most cases, you’re unable to access your until the age of 55 (rising to 57 in April 2028, unless you have a protected pension age).
  • Contributions must stay within your annual allowance  to avoid a tax charge.
  • You might pay UK Income Tax on 75% of the money withdrawn from a pension.
  • You can continue to pay into some pensions after your 75th birthday. You won’t get tax relief on the contributions, and Aviva wouldn’t be able to accept them.

The Aviva SIPP

Our SIPP can be a great way to start. We’ve got ready made funds, and investment strategies to choose from. 

If you already have several pensions, you could open a SIPP as a first step towards bringing them all together, which could mean less admin and fewer passwords to remember. Read more about combining pensions. 

Benefits

  • Tax benefits
    A SIPP can be a tax-efficient way to boost your retirement savings. You can have a SIPP alongside other investments such as ISAs and workplace pensions.
  • Range of investment choices
    Choose from our Universal Retirement Fund, which gives you pension investments you don't need to manage, as their risk level reduces closer to your retirement date. Or pick ready-made funds or a portfolio you build yourself, including ethical and environmental options. You can also opt for individual shares and exchange traded investments.
  • Flexible retirement options
    From the age of 55 (increasing to 57 on 6 April 2028) you can take a cash lump sum, withdraw only when you need it, buy a guaranteed income for life, or a bit of everything. However you take your money from your pension, 25% of your pension fund will normally be tax-free.

Things to think about

  • Investment risk
    SIPP investors need to be happy to make their own decisions and appreciate that investments can fall as well as rise in value. If you're not sure what’s best for you, you may want to get financial advice.
  • If you're paying into a workplace pension
    Your employer adds to your workplace pension, helping to build up your pot. A SIPP isn’t meant as a replacement for this, but can be used alongside it. Before you take out a SIPP, it’s worth checking whether you might be better off paying more into your workplace pension – for example, because your employer might put in more too.
  • Age limits on paying in and taking money out
    You can’t touch the money in your pension until you’re 55, and this will increase to 57 on 6 April 2028. You and your employer can only pay into the Aviva SIPP until you turn 75, but you can transfer a pension at any age.

Pension Wise from MoneyHelper

Pension Wise  from MoneyHelper is a free, government -backed service, offering clear, impartial and specialist guidance on your retirement options. If you’re aged 50 or over, this service is available to you. You can call them on 0800 138 3944 or visit Pension Wise for full details of the service. 

Tax Help

Tax Help for Older People website is for over 60's with an income of under £20,000. Anybody that has an income of up to about £380 per week can use the Tax Help website. You can call them on on 01308 488066 or visit Tax Help for more information.

Related articles

SIPP vs ISA or both?
My pension is losing money. What should I do?
Pensions for the self-employed: what you need to know

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