Currently the SVS SIPP service is only available to IFAs. If you are an existing client of SVS Securities or you are interested in opening an independent SIPP account, this service is coming soon. Please register your interest here.
If you are under 75 and a UK resident you can contribute as much as you earn (capped at £50,000) to your pension each year. If you have no earnings in a year, you can contribute up to £3,600 gross (£2,880 net). The exact amount you can contribute, and the tax benefits you may receive will all depend on your circumstances. There is currently a £1.8 million cap on the total value of all of the pensions you hold. This is set to fall to £1.5 million in April 2012. Should you exceed this amount you may be liable to pay tax on the excess.
There is no pressure to make any contributions to your SVS SIPP in a given time period. If you do decide to contribute, an SVS SIPP gives you the freedom to pay one-off contributions whenever you can or make regular payments. The minimum for a one-off payment is £400 (net) and for regular payments is £40 (net). Should you decide that your current method of contributing to your SVS SIPP isn’t achieving your retirement fund goals, you can always change to another.
If you have unused allowances from the past three tax years, this can be carried forward to this year increasing your £50,000 allowance. If you haven’t contributed anything to any pensions in the past three years your allowance for this year could be as much as £200,000.