Single SIPP

Single SIPP

The Hornbuckle Mitchell Single Investment SIPP is a low-cost self-invested personal pension. It can be used in the accumulation stage of pension planning and to take income drawdown. With the Single Investment SIPP,  individuals can hold cash with Bank of Scotland and select one other investment. Some more complex investments may not be held in a Single SIPP. See the investment selector tool for more details in the useful links below.

Key points

  • A tax-efficient way to build up a pension fund.
  • Flexibility on how and when benefits are taken.
  • A retirement income.
  • Options for providing benefits for the client’s dependants after their death.
  • Your client can take a pension commencement lump sum (PCLS) after age 55, free of tax.
  • Investments (other than dividend income) grow free from UK capital gains tax and income tax.
  • Significant tax advantages with tax relief on contributions.
  • Greater flexibility in the way benefits may be taken in retirement. Up to 25% of the value of your clients SIPP investments can be taken as a tax free cash sum whilst the remainder is still invested.
  • At retirement, the client has a number of choices. They can take full, partial or phased ‘drawdown’ income from their invested fund, buy an annuity, or have a combination of these.
  • Clear charging structure.
  • Allows flexible options when the client chooses to take benefits.
  • Clients in capped drawdown can remain in capped drawdown or convert to flexi-access drawdown.
  • Make single and regular payments as well as transfers in from other pension schemes, in cash or in specise. The client can stop and start payments to their SIPP for added flexibility.

The information contained in this page is based on our understanding of current law and HM Revenue & Customs (HMRC) practice, which is subject to change.

Traditional investments

  • Bank account
  • Trustee investment plan
  • Unit trust
  • Stock broking account
  • Nominee account with discretionary fund manager (DFM)
  • Nominee account on fund platform or wrap
  • Open-ended investment company (OEIC)

Non-traditional investments permitted in Single Investment SIPP

  • Gold bullion
  • Exempt property unit trusts (EPUTs)
  • Limited partnerships

Useful links

View our fee schedules
Why a financial adviser is required
Investment Selector