Can you rely on the State Pension?
For men born on or after 6 April 1951 and women born on or after 6 April 1953 the State Pension is expected to be £155.65 a week1.
That is only likely to provide for your very basic needs and it might need to last you a long time.
If you want to enjoy your retirement to its fullest, and for as long as possible, pension
savings to top up your State Pension make sense.
All pensions offer tax advantages for savers, and once you've reached the age of at least 55, you can normally take up to 25% of your savings back out as one or a series of tax free lump sums. The rest is normally taxed as income at your marginal rate(s) of income tax
Important informationPlease remember the value of your investments and any income from them can go down as well as up. The value of your fund may be less than you paid in.
Laws and tax rules may change in the future without notice. The information here is our understanding in April 2017. This information takes no account of your personal circumstances which may have an impact on tax.
A SIPP requires active management and investment expertise. You should make sure you review your investments regularly.
Before you choose a SIPP, make sure you understand its aims and risks. Alliance Trust Savings does not give advice. If you are unsure whether our SIPP is suitable for you, of the risks and commitments of investments and or of how much income to take and when, you should seek professional financial advice specific to your particular circumstances..
1 Source gov.uk March 2017 - The new State Pension
Related documentsVisit our dedicated SIPP literature page.