Providing for your financial future
From tax relief on your payments in, to flexibility on taking your money out in later life, there may be compelling reasons to invest through a pension.
For people retiring today the full State Pension is £168.60 a week (2019/20 tax year). 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.
Pensions offer several tax advantages:
A Self Invested Personal Pension requires active management and investment expertise. You cannot normally take any money out of it until age 55 and should make sure you review your investments regularly.
Investments can go down as well as up. You may get back less than you originally invested. Laws and tax rules may change in the future without notice. This information takes no account of your personal circumstances which may have an impact on tax treatment.
Alliance Trust Savings does not give financial or investment advice. You need to ensure you understand the risks and commitments before investing. If you are unsure you should speak to a financial adviser before investing.
Discover the main things you need to know about tax and your pension in this comprehensive guide. From tax relief on what you pay in and how it works, to your Annual and Lifetime Allowances for pension savings.
How and when you start accessing your pension savings is probably one of the most important financial decisions you will ever make. Our guide is here to help you understand your options and make it an informed one.
A SIPP or Self Invested Personal Pension is a type of personal pension that lets you access a wide range of investments. A personal pension is a tax-efficient Account designed to help you invest for retirement.
No. Stakeholder pensions have to meet government set standards covering payments, charges and other terms and conditions. The charges for a SIPP may be higher than for a stakeholder pension.
We cannot give you financial advice. You should understand the risks and commitments of a SIPP Account before you invest.
If you feel that you need advice to decide if a SIPP account is right for you and you don’t have a financial adviser, you can search for one near you at www.unbiased.co.uk.
Read our guide to Getting the most from your pension savings for information on pension tax relief and how it works.
Where we claim tax relief on your behalf we do this at the end of each calendar month for all your net personal contributions made by the 5th of the month.
We then pay your tax relief into your Account on or around the 25th of the following month.
If you are 18 or over and:
The quickest, cheapest and easiest way to open an Account with us is online using our secure service. You can also apply by post by downloading an application form or through your financial adviser.
We can’t give you advice, but our Investing Hub is packed with research tools, ideas and information to help you when you’re making investment decisions.
If the fund you want to buy is not available, please let us know as we regularly review the funds we offer and make changes based on customer demand.
For SIPPs, anyone, including your employer, can pay into your Account but you can only get tax relief on your personal payments. These include payments you make from your own pocket or that anyone else, other than your employer or former employer, makes on your behalf.
Debit card, Direct Debit (for regular payments), transfer from your bank account and cheque.
In theory, you can pay in as much as you like each tax year, but you can only get tax relief on payments up to the greater of:
Yes, but only up to a maximum of £4,000 if you have relevant UK earnings in the year to cover that amount. Otherwise your maximum is £3,600 (including your tax relief, which at current rates would be £720).
You are not allowed to pay in any money that you’ve already taken out of a pension as a tax free lump sum.
We’ll send you a password and Personal ID to use on our secure online service, where you (or your financial adviser) can manage your Account, including the payments you make. If you prefer, you can also give us payment instructions over the phone or by post. For the detail of how to pay using the different methods we offer, read our Platform Guide which you can find in Forms and Literature.
You need to complete our Transfer In Request Form for the relevant type of Account. You can find these in Forms and Literature. The form should be returned to us and we will make contact with your current provider to arrange the transfer.
If you are transferring a SIPP it can take up to 60 working days.
If you would like to transfer your Account away from us to another provider you will need to contact them and complete their transfer forms. They will then forward the forms to us to action.
We don’t charge for transfers in, but we do charge for transfers out. Please refer to our Charges Guide for more information.
We charge flat Account fees for our platform services. These cover the basic ongoing cost to us of managing an Account for you and charges for other services you may ask us to provide - buying and selling investments for example. You can download our Charges Guide in Forms and Literature.
Yes, as well as our Getting the most of your pension savings and Accessing your pension savings guides, we also offer a Guide to planning your life after work. We also publish an annual Your Retirement magazine that you may find useful.
We will contact you 2 years prior to your chosen retirement date (which you will have given us when you opened your SIPP Account) and again 6 months before, reminding you of your options or accessing your SIPP savings and providing an up-to-date valuation of your Account.
You will receive a valuation and statement covering all of your Accounts with us four times a year and you'll be able to check the current value of your Accounts online at any time by logging in to our secure online service.
You can find more Frequently Asked Questions here.
Alliance Trust Savings could be the ideal home for your retirement savings. 'Your Retirement' Magazine provides useful insights into the changing world of pensions.
Alliance Trust Savings Limited is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings Limited gives no financial or investment advice. ‘Alliance Trust Savings’, ‘ATS’ and 'AT Savings' are all brand names of Alliance Trust Savings Limited together with the ‘Alliance Trust Savings’ logo are owned by and used with the permission of Alliance Trust PLC, the previous owner of Alliance Trust Savings Limited.