Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Self-invested personal pension definition

What does Self-invested personal pension mean? A self-invested personal pension (SIPP) is a UK personal pension in which the member, rather than the provider, chooses and directs the scheme’s investments within HMRC‑permitted limits. ‘SIPP’ is not a statutory category under the Finance Act 2004; it is a market and regulatory term. SIPPs are registered pension schemes for tax purposes and are operated by FCA‑authorised firms (SIPP operators/trustees). Typical features include a wider investment range than standard personal pensions (for example quoted shares, funds, gilts, deposits and commercial property), the ability to appoint an investment manager, accept transfers and use flexi‑access drawdown. Borrowing is permitted...

Self-invested personal pensions (SIPPs): UK establishment and registration, trust governance, investments, IRPS classification, taxable property charges and provider due diligence

Published by a LexisNexis Pensions expert

Practice notes

Self-invested personal pension schemes (SIPPs)

At their launch in April 1988, Personal pensions could only be set up by authorised banks, insurers or unit trust providers. These were the only bodies permitted to establish such arrangements, and this exclusivity influenced how early schemes were initially set up. The prevailing assumption was that products from these organisations would confine investment opportunities to areas closely aligned with their principal activities of banking, long‑term insurance and running unit trusts. Yet still the legislation itself imposed no such limits, and HM Revenue & Customs (HMRC) issued a statement — Joint Office Memorandum 101 — outlining when it would approve personal pension schemes that offered members a broader range of Investments. Under current conditions, these so‑called self‑invested personal pension schemes (SIPPs) can, in principle, give an individual almost complete discretion over the investments to be made. In practice, the latitude often goes no further than free selection among managed funds, cash (commonly restricted to a single currency — sterling) and listed Shares. Nevertheless, in some instances, materially greater scope is available, enabling members to commit funds to, personally selected property, derivative contracts, and loans to third parties...

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Alistair Hill

Brodies LLP

Alistair is a Legal Director in the Brodies pensions team, where he practices both as an English and as a Scottish solicitor. He helps a broad range of employers, trustees and other professionals with defined benefit and defined contribution pension schemes, including advising on the pensions aspects of corporate transactions and public/private sector staff transfers. From his days in-house at a leading insurer, Alistair has also retained an active interest in developing and maintaining defined contribution pension propositions from the provider's and administrator's viewpoint, such as personal pension, mastertrust and SIPP products. While he would argue passionately that clients shouldn't haven't to worry about them unless they want to, Alistair has always been interested in the more technical aspects of pensions law. Besides his work for LexisPSL, this has led him to play an active role in the professional bodies and more generally in debating law reform and...

Web page updated on 21/05/2026

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