What is a Self-Invested Personal Pension?

A Self-Invested Personal Pension (known as a SIPP) is a type of pension scheme which allows you to make your own investment decisions.

The Close SIPP provides you with a means of saving for your retirement and should be seen as a long term investment. It allows you to choose where you want your retirement savings to be invested, instead of leaving a pension company to make the decisions and can also provide you with an income once you reach retirement.

Please note that any tax benefits will depend on your personal tax position and rules are subject to change. The value of investments can go up as well as down and you may get back less than you invested.

Register now to open a SIPP

Existing clients can download the application form here

Why choose the Close SIPP?

Value for money

We offer clear and competitive pricing with no hidden costs or charges.

No SIPP administration fee

No charge for transfers*

Competitive platform fee of 0.25% a year

*The transferring provider may make a charge for transferring investments or cash proceeds to Close Brothers Asset Management.


Invest in a wide choice of investments with our Close SIPP:

UK equities

Exchange traded funds (ETFs)

UK stocks and shares

UK Government bonds (gilts)


Our online portal is easy to use and accessible at any time and will allow you to create a more detailed view of your wealth by adding assets or debts not held with us.

Buy, sell and switch investments easily online

You can manage your SIPP in the same place as your other investments, giving you a single overview of your portfolio

Choose between saving regularly each month or investing a lump sum

Improved SIPP transfers*

*If you choose to transfer an existing pension to us when you open your SIPP account, we can now transfer most pensions without having to exchange paperwork with your current provider. This should reduce transfer time and save you from completing more forms. We’ll automatically check if your policy can be transferred this way - if it is one of the few that cannot, we will write to your current provider. You’ll be kept up to date with the progress of your SIPP transfer with notifications in your online document library.

Investment expertise

Take advantage of the free access to our expertise and view our in-house research, analysis and insights which are easy-to-understand, whether you are an experienced investor or just getting started.

Our investment team are constantly trading in the markets and managing the portfolios of thousands of investors across the UK.


Our UK-based support team are on hand to help via phone or email. If you have questions about your account, please contact our dedicated Investor Support Team who are available 8am - 6pm, Monday to Friday, excluding public holidays on 0800 014 2712 or investorsupport@closebrothers.com

SIPP charges

Set up account


Contributions into your account


Transfers in


Transfers out


On-going platform fee – deducted monthly

0.25% (based on the value of your investments, excluding cash)

Buying, selling or switching  Unit Trusts or OEICs


Buying, selling or switching  Exchange Traded Investments

To the extent that we charge a dealing fee, this will not exceed £8.95.

Fees and charges factsheet

  • 18 Jan 19
  • 0.15MB
  • PDF

You’ll find full details of our SIPP fees and charges in this factsheet.


SIPP rules and tax

UK residents under 75 can pay in as much as they want to a SIPP. You can receive tax relief on contributions up to £3,600 or 100% of your relevant UK earnings (whichever is greater), subject to the annual allowance which is £40,000 for most people. If you have any unused allowance from previous years, you may be able to pay in more than £40,000.

Transfer your SIPP to us

If you don’t already have a SIPP or you would like to transfer your current SIPP, why not open a Close SIPP and benefit from our low cost investment platform. Transferring is easy and our Support Team are here to help.

Register now to transfer your existing SIPP

Download the SIPP transfer form


Frequently asked questions

What does the Close SIPP allow you to do?

The Close SIPP allows you to build up a lump sum which can then be used to provide you with an income when you retire. It allows you to choose where you want your retirement savings to be invested, instead of leaving a pension company to make the decisions. You can hold a wide variety of investments in a SIPP and only eligible investments will be made available to you when investing online in a Close SIPP.

What about SIPPs and tax?

If you are a UK resident, the maximum amount of contributions on which you can obtain tax relief is the greater of £3,600 p.a. or 100% of your relevant UK earnings, subject to the Annual Allowance set by HM Revenue & Customs (currently £40,000, including both member and employer contributions across all arrangements). The same applies to those subject to the Scottish rate of income tax from 6 April 2018. Where your total contributions exceed the Annual Allowance, an Annual Allowance charge may be levied on the excess.

Are there any risks?*

  • The value of investments can fall as well as rise and you could get back less than invested.
  • Benefits due to you may be lower than you expect if growth in your investments and interest rates are lower than those shown in any illustration you receive.
  • When you come to take your benefits and opt to access your pension flexibility, the higher the level of income withdrawals, the less you will have available to provide for dependants, or to buy an annuity in the future.
  • Annuity rates can change substantially over short periods of time, both up and down. They could be worse when you buy an annuity than they are now.
  • The tax efficient nature of registered pension schemes may change in the future.

*For a better understand of the risks involved with SIPPs, please see our Self Directed Service Key Features and Charges document.

Does the Close SIPP accept transfers from other schemes?

Yes – you can open a Close SIPP to receive transfers of benefits from other pension arrangements you have. Examples of these include SIPPs, Personal or Stakeholder Plans, Occupational schemes (including EPP’s and SSAS’s) or Retirement Annuity Contracts. The Close SIPP can accept transfers in drawdown whether partially or fully crystallised. If you are looking to take an income from your Close SIPP once in drawdown, this can be accommodated. We are unable to accept transfers in from Recognised Overseas Pension Schemes (ROPS).

What can I contribute to the Close SIPP?

Although there is no limit on the level of contributions that you or your employer can make to your Close SIPP, consideration needs to be taken as to whether the contribution will qualify for tax relief purposes. Under current legislation if you are a UK resident and have UK relevant earnings, your contributions qualify for tax relief at the highest rate you pay. The same applies to those subject to the Scottish rate of income tax from 6 April 2018. The maximum amount of contributions on which you can obtain tax relief in any given tax year is the greater of £3,600 and 100% of your relevant UK earnings. Total contributions for tax relief purposes are also restricted to the Annual Allowance. The Annual Allowance is an annual limit set by HMRC. The current Annual Allowance is £40,000. Where total pension contributions exceed the annual allowance for a tax year, an annual allowance charge will be charged at your marginal rate of income tax on the excess above the annual allowance. If you exceed the annual allowance, you may be able to carry forward any unused allowance from up to three previous tax years.

How can contributions be paid?

Member contributions to the Close SIPP can be made in a single one-off payment or by way of regular contributions via Direct Debit. Regular contributions can be made on any date between the 1st and 28th of the month. Member contributions should be made net of basic rate tax. We only accept one-off employer contributions in to the Close SIPP as we cannot accept automated employer contributions. Employer contributions can be paid by cheque or Direct Credit. The payment must be accompanied by a Close SIPP Employer Contribution Form. Employer contributions should be paid gross. No contributions are accepted after age 75.

Are there any fees involved in setting up a Close SIPP?

No – there is no set up fee. There is also no fee for transfers in or contributions and no annual administration fee.

What is the maximum Pension Commencement Lump Sum payment I can take?

You will normally be entitled to a tax free lump sum known as a Pension Commencement Lump Sum (PCLS) from the SIPP. This will usually be 25% of the fund.

How will my pension income be taxed?

The remainder of your fund after the PCLS has been paid will be used to provide you with an income either by way of Capped Drawdown or Flexi-Access Drawdown. Please note that Capped Drawdown is only available if you have accessed Capped Drawdown before 6 April 2015. Income payments from your Close SIPP will be subject to PAYE income tax. When you first start drawing an income from your Close SIPP, HMRC rules state that we must use an emergency tax code until formal notification is received from them. We will notify HMRC when you receive your first income payment from your Close SIPP and they will then advise us of the correct tax code to use for future payments.

Can I take an Uncrystallised Funds Pension Lump Sum (UFPLS) payment from my Close SIPP?

Yes – the Close SIPP can accommodate UFPLS payments. A Close SIPP Uncrystallised Funds Pension Lump Sum Request Form will need to be completed. Once you have taken a UFPLS payment from your SIPP, the money purchase Annual Allowance Rules will then apply. The current MPAA limit is £4,000 per annum.

How is a UFPLS payment taxed?

The first 25% of each payment is paid tax free. The remaining 75% of the payment will be subject to income tax at your highest rate. As above, we will use an emergency tax code until we receive formal notification from HMRC of the correct tax code to use for any future payments.

Are there any fees for taking benefits from the Close SIPP?

To set up a drawdown pension the fee is £50 plus VAT. A £50 plus VAT fee is charged for UFPLS payments. This is charged each time a UFPLS payment is made. The fee for reviewing income limits under Capped Drawdown is £75 plus VAT. The limits will be reviewed every 3 years for those aged 75 or under and annually after age 75. This fee is charged regardless of whether you are taking income or not from your Capped Drawdown arrangement.

What happens on death?

Under the Close SIPP, you can nominate beneficiaries of death benefits which you would like the Trustees to consider before making any payment. This nomination can be changed at any time. On death, the beneficiary or beneficiaries can elect to:

  • Take the whole of the remaining pension fund as a lump sum.
  • Continue taking drawdown (via Flexi-Access Drawdown).
  • Purchase a lifetime annuity.

Any combination of these options can be taken. If you are under age 75 at the date of death, no matter which option(s) is taken there will not currently be any income tax to pay as long as the funds are designated to the beneficiary or beneficiaries within two years of the date of notification of your death. These options can be taken regardless of whether the funds have been crystallised or not. If you are over age 75 at the date of death, the same options can be taken, however any payments will be taxed at the recipient’s marginal rate of tax. If on the death of a beneficiary some of the pension fund remains, this can be passed onto other beneficiaries in the same manner. The tax position will depend on the age of the beneficiary at their date of death.

Please be aware, the value of investments can fall as well as rise and that past performance is not a reliable indicator of future returns and you could get back less than invested. Click here to understand the risks associated with investing. Calls to any number may be recorded for training and monitoring purposes. This site uses Cookies.