Self Invested Personal Pension
The Self Invested Personal Pension (SIPP) is a flexible pension plan which gives you a wide choice of investments and a range of options for saving for retirement and for taking income in retirement. It allows you to invest in pension funds through the Zurich Pension Plan, provided by Zurich and in a range of investments administered by Capita called ‘wider SIPP assets’.
Your adviser will help you decide if the SIPP is right for you.
You can find out about the plan's aims, risks and your commitments by selecting from the sections below.
What this plan is designed to do
- To provide you with an income in retirement.
- To give you control on how your money is invested.
- To give you a choice of how and when you can take benefits.
What we ask you to do
- Take advice and go on working with your adviser to help you manage and review your investments. Your adviser will help you understand the consequences of your decisions.
- Invest at least the minimum payment of £10,000 in the Zurich Pension Plan when you start your SIPP and keep a minimum investment (currently £100) in the Zurich Pension Plan.
- Understand that some of your benefits can only be taken as a taxable pension or income. .
What you need to be aware of if you apply for this plan
- The value of investments can go down – what you get back is not guaranteed.
- You may not be able to take the income or buy the pension income in retirement you expect. For example, investment growth throughout the lifetime of the SIPP or annuity rates (or both) could be lower than expected at the time you take your benefits.
- The level of risk and potential investment performance differs depending on the investments you choose.
- Over time, inflation will reduce the buying power of money.
If you intend now or in future to take a cash lump sum and no income, or to take an income directly from your SIPP, there are other specific risks to consider. The Key Features Document and Terms & Conditions for the plan will give you more details on this.
