40% off account charge for up to 6 months with a new HL SIPP. Terms apply. View the offer.
Self-Invested Personal Pension
Invest for less with our lowest ever charge
Open a SIPP with the UK’s largest direct provider and enjoy 40% off your account charge for up to six months.
Before you invest in a SIPP: investments usually outperform cash savings over 5+ years. But values rise and fall, so you could get back less than you invest. You’re responsible for your investment decisions. Pensions are designed to help fund retirement, so money can’t usually be taken out again until at least 55 (rising to 57 in 2028). Pension and tax rules may change, and benefits depend on your circumstances. Scottish tax bands and rates are different, and different benefits apply.
What is a SIPP?
The HL SIPP offers a tax efficient way to save for your future. It gives you control over your investments, contributions and retirement income.
Save tax
Pay in up to £60,000 each tax year and enjoy 20%-48% tax relief on contributions until age 75.
Investment choice
Choose from a wider range of investments than many pensions, with control over where your money is invested.
Flexible withdrawals
Take up to 25% tax-free cash from age 55 (57 in 2028) and choose a secure or flexible income.
Why choose the HL SIPP?
Enjoy wider investment choice, expert insights, and tailor your retirement income to suit your needs.
Join over 550,000 SIPP clients who've taken control of their pension savings.
Take advantage of the HL Ready-Made Pension Plan. A simple investment solution, managed by experts.
Trusted with £48.9bn of pensions.
Manage your pension on the go with our award-winning app.
Open your award-winning HL SIPP
Set up a Direct Debit from as little as £25 a month, or make payments of £100 or more. Transfer pensions from another provider, including old workplace pensions.
Investing made simple
Enjoy hassle-free investing in your SIPP with automatic, monthly Direct Debits.
Set up a Direct Debit from as little as £25 a month
Pay no set-up fee or dealing charges
Choose to invest in a wide range of funds, shares, ETFs, Ready-Made options, and more
Plus, if you set up a Direct Debit by 30 June 2025, we'll refund you a year’s worth of account charges.
Your monthly payment must stay in place for one year to qualify. Your cash refund will be paid by July 2026. Full terms apply.
Existing client? Log in to get started.
Is a SIPP the right choice for you?
Anyone can open a SIPP. It could be the perfect option if you:
Want to boost your retirement savings beyond your workplace pension.
Are a limited company owner, sole trader or partner.
Need to consolidate old workplace pensions into one easy-to-manage account.
Are a higher-rate taxpayer looking to lower your tax bill.
Are comfortable choosing your own investments.
This isn’t personal advice. If you’re not sure what’s right for you, ask for financial advice. Investments can rise and fall in value, so you could get back less than you invest. Tax rules can change, and benefits depend on your circumstances.
Combine your pensions
It's easier to manage your pensions when they're all in one place. Transfer old workplace or under-performing pots to the HL SIPP.
Before transferring a pension you should always check the costs involved first and whether you’d lose any valuable benefits.
Free to set up.
Low running costs.
0.45%
Our Self-Invested Personal Pension (SIPP) is free to set up. The annual account charge is up to 0.45% for holding investments. Some investments will have their own annual charges. Buying and selling funds is free. Dealing charges apply to shares and some other investments.
Award-winning service
Over 200 awards, including 'Best Investment App' and 'Best for Customer Service' for 2024.
Over 40 years experience
We’ve been helping people to save and invest for a better future since 1981.
Ready to help
Our UK-based team answers calls in under a minute and provides help and ongoing support.
Open a SIPP today for our lowest ever account charge
Open a new HL SIPP by 30 June 2025 and enjoy 40% off your account charge for up to 6 months.
Discounted charge applies between 1 July 2025 and 31 December 2025. Minimum £10,000 to qualify, includes cash payments and transfers.
Contact our helpdesk for an extension if you need more time to apply to transfer. Transfers must complete before 31 December 2025 to qualify for the offer. You'll receive a reduction on your account charge for the remainder of the offer period. See full terms.
Your pension investment options
Pick your own investments
Wide investment choice and inspiration
Pick from thousands of funds, UK and overseas shares, investment trusts and more to match your goals. Plus, get investment ideas chosen by our team of experts.
Leave it to our experts
Ready-Made Pension Plan
A hassle-free, simple and low-cost investment solution for your pension. Find out more about our Ready-Made Pension Plan.
Why clients choose the HL SIPP
Meet Julie, our first ever SIPP client.
"One of my values is independence and flexibility. I needed a pension that would tick those boxes. The HL SIPP did that for me."
Meet Julie, our very first Self-Invested Personal Pension (SIPP) client, as she shares her inspiring journey of saving for retirement with HL.
FAQs
Here you'll find answers to the most frequently asked questions.
You can set up an HL SIPP from as little as £25 a month, or by making a one-off contribution of £100 or more. All you need to hand is your National Insurance number and either your bank details or debit card.
You can also open an HL SIPP by transferring a pension. The fastest way to transfer is online. You'll need your pension name and type (e.g. Aviva personal pension), policy number and pension value (this doesn't have to be exact) to get started. You should be able to find these details on your annual statement or you can ask your current provider when you’re checking what exit fees apply or if you’ll lose any valuable benefits.
Yes, you can have both a SIPP and your existing workplace pension, and this can be a flexible way to top up your retirement savings tax-efficiently. If you have access to a workplace pension, make sure you’re maximising any employer contributions before deciding whether to pay into a SIPP.
You’ll also need to make sure the money put in across all your pensions each year (including any basic rate tax relief added by the government) doesn't go over the total pension annual allowance of £60,000.
Yes, you can hold multiple SIPPs, but there are important factors to consider. While it's possible to have more than one SIPP, managing all your pensions in one place is often simpler and more efficient. Keeping your pension funds consolidated allows for easier tracking and better control of your investments.
If you hold multiple SIPPs, you need to be mindful not to exceed the £60,000 pension annual allowance. It applies across all your pensions, including any workplace pensions.
Every UK resident under 75 qualifies for basic-rate (20%) tax relief on pension contributions, even children and other non-taxpayers. You can usually add whichever's highest out of the amount you earn, or £3,600, and receive tax relief each year. There is also an annual allowance (£60,000 for most people) which limits what you can pay in. Each contribution includes the money you put in, as well as what the government adds in tax relief.
This basic-rate tax relief is added to your pension automatically. Your pension provider claims it for you from the government and adds it to your pension.
If you pay higher-rate tax (40%) you can claim up to a further 20% in tax relief through your tax return or local tax office.
Top-rate taxpayers (45%) can claim back up to a further 25%. You must pay enough tax at the relevant rate to claim back the full amount.
If you’re a Scottish taxpayer the amount of tax relief you can claim is different. Take a look at our information on the Scottish income tax changes page.
Tax rules can change over time and the relief you receive depends on your circumstances.
Open your award-winning HL SIPP
We've won over 200 awards for our services
