Self-Invested Personal Pension (SIPP)

Your pension invested your way, with Bank of Scotland.

Open a SIPP

 

A Self‑Invested Personal Pension (SIPP) is a personal pension that gives you control over how your money is invested. You choose where your pension is invested and manage it in a way that suits your goals and experience.

Tax relief to help your pension grow

When you save into a pension, the government adds tax relief.

Pay £80 into your SIPP and it’s automatically topped up to £100 with 20% tax relief.

If you pay a higher or additional rate of tax, you may be able to claim more back through your tax return.

Control your investments

With a Bank of Scotland SIPP, you decide how your pension is invested.

Choose from a wide range of funds, shares, ETFs, bonds and other options.

Flexible contributions

Contribute what you want, when you want, within annual limits.

Make regular or one‑off payments and bring together any pensions you already have.

Company director? You can also contribute directly from your business.

Why choose a Bank of Scotland SIPP?

  • Low, capped charges. You’ll pay 0.25% a year, capped at £16.50 a month, helping you keep costs under control.
  • Free regular investing. Set up a regular investment plan from just £20 a month, with no trading commission.
  • Interest on uninvested cash. Earn 3% interest on any cash waiting to be invested, so your pension can keep working while you decide.
  • Clear support to get started. Use our SIPP Builder to explore your options or choose our Start‑Up Fund for a simpler approach.
 

Our retirement partner

Scottish Widows looks after the day‑to‑day administration of the Bank of Scotland SIPP and supports you as you plan for retirement.

With more than 200 years’ experience in pensions, they help you understand your options and how you can take your pension when the time is right. Scottish Widows is part of the same wider group as Bank of Scotland.

Pensions are a long-term investment.

The benefits you receive depend on a number of factors, including the value of your pension pot when you choose to claim any benefits. That value isn't guaranteed and can go down as well as up. It could fall below the amount paid in. Any tax treatment depends on your personal circumstances and may change in the future.

Ready to get started?

The sooner you start saving, the more time your pension has to grow.

 

It's simple in the app

Scan the QR code to get it.

You must be registered for online banking to apply in the app.

Once you're in, select 'Apply', 'Pensions', then 'Open a SIPP'.

 

 
 

Apply online

Log in to your account. Find the Wealth and Retirement section on the left menu. Select 'Open a SIPP'.

Apply for a SIPP

It's simple in the app

You must be registered for online banking to apply in the app.

Once you're in, select 'Apply', 'Pensions', then 'Open a SIPP'.

Get the app

Already bank online?

Log in to your account. Go to the Wealth and Retirement section on the left menu and select Open a SIPP.

Log in to apply

Before you apply

To open a SIPP, you’ll need to be:

  • a Bank of Scotland online banking customer
  • aged 18 to 75
  • living in the UK and paying UK tax.

US persons and US residents are not eligible.

If you’re transferring, make sure any old pensions:

  • are from a UK-based provider
  • have not already entered into drawdown. For example, you’ve not taken an income or a tax-free lump sum from them
  • don’t have any valuable features or guarantees that you’d potentially lose upon transferring.

Make sure you’ve read the key features document (PDF, 208KB) and terms and conditions (PDF, 305KB).

We’re making some changes to our Terms and Conditions. View the new terms (PDF, 336KB), effective from 24 August 2026. You should save a copy for your records.

You’ll need your National Insurance number and, if transferring, the provider’s name, policy number and value of each pension.

Charges at a glance

Here’s what you’ll pay to run your Bank of Scotland SIPP, but you should read our charges page for the full details.

 

Types of charges

Types of charges

What you'll pay

Types of charges

Annual SIPP charge

What you'll pay

0.25% of your investments (capped at  £16.50 a month)

Types of charges

Online UK trades

What you'll pay

£9.50

Types of charges

Online fund trades

What you'll pay

£9.50 

Types of charges

What you'll pay

Free (1.25% exchange rate applies)

Types of charges

What you'll pay

Free

Types of charges

Fund manager charges

What you'll pay

Fund managers charge their own ongoing charges, read the Key Investment Information Document (KIID) to find out more.

You may also pay government taxes and levies, depending on the investments you choose and your circumstances.

Taking money from your pension 

When the time comes, you can choose what’s right for you.

Take a taxable lump sum

You can take all or part of your pot, usually 25% tax‑free, with the rest taxed as income.

Flexible access (drawdown)

Keep your money invested and take what you need, when you need it, with 25% usually tax‑free.

Leave it invested

Do nothing for now and keep saving for later.

Want a guaranteed income for life?

We don’t offer an annuity (a guaranteed income for life) but we can help you find providers if you want to explore that option.

See all retirement options

A look at the details

  • No, you can transfer one or more older pensions. Transfers can be from as little as £1. This will open your Self-Invested Personal Pension and once this is set up, you can add more pensions to it anytime in the future.

  • You can’t transfer every type of pension.

    We can’t accept:

    • Pensions in drawdown

    You can not transfer if you have started drawdown on your existing pension. For example, you have taken an income or a tax-free lump sum from them.

    • Pensions with guarantees 

    This is a pension with a Guaranteed Annuity Rate. It means you could get a higher income than you’d get at today’s rates when you retire.

    • Guaranteed Minimum Pension or Section 9(2B) rights

    These may provide you with a guaranteed income when you retire. You’re not likely to match this amount when transferring. Please check with your current provider, as they should have more details on this.

    • Guaranteed Conversion Option

    This allows you to convert your pension into a fund, which gives you access to a wider, more flexible range of benefit options. At today’s rates, it’s unlikely that this fund will be worth as much as your original pension.

    • Pensions with defined benefits

    Also known as final salary benefits, this is where you receive guaranteed pension income based on your salary, rather than how much you’ve paid in. Your current provider should have more details on this.

    • Workplace pension

    A pension that you and an employer still pay into.

    • Other reasons you can’t transfer

    The provider of your pension is not based in the UK. It could be subject to a pension sharing or earmarking order following a divorce or dissolution of a civil partnership. Or it has been, or will be, set up using disqualifying pension credits. This is when the pension sharing order is applied to a pension already in payment or income drawdown.

  • To see what you may get back from your pension, we’ll provide an example illustration when you apply. These figures are only examples and aren’t guaranteed – they’re not minimum or maximum amounts.

    We’ll send you a personalised illustration when your SIPP is set up.

    Use our pension calculator as a guide to see what your retirement income could be. You can also see how making changes to your contributions could make a difference to your overall pension pot.

  • The Lifetime Allowance (LTA) limit for personal pensions was abolished on 6 April 2024. It was replaced by the Lump Sum Allowance (LSA), which is £268,275, and the Lump Sum Death Benefit Allowance (LSDBA), which is £1,073,100. This limits the amount of your total pension benefits that can be paid as tax-free lump sums.

    There is a limit on the amount you can contribute into your pension each tax year, this is called the ‘annual allowance’.

    You can contribute the equivalent of 100% of your annual earnings each year or up to a maximum of £60,000 (whichever is lower). You can also carry forward up to three previous tax years’ worth of unused allowances.

    If you start flexi access drawdown with any of your pension, your allowance is reduced to £10,000 per year. This is called the Money Purchase Annual Allowance (MPAA).

    Find more information about the Lump Sum Allowance at gov.uk.

  • One of the benefits of investing into a pension is tax relief. If the basic rate of tax is 20%, for every £80 you pay in, the government will top this up with an extra £20.

    If you’ve told us you’re eligible, we’ll add basic rate tax relief automatically to any regular or one-off contributions you make into to your SIPP. If you’re a higher rate taxpayer, you can claim additional tax relief through your self-assessment tax return.

    How much you can pay in without a tax charge will depend on your circumstances.

    • You can normally pay up to £60,000 (the Annual Allowance) into your pensions each tax year without paying a tax charge (or up to 100% of your taxable yearly income if less).
    • If you’re not working and don’t have any income, you can still pay in £3,600 each tax year (you pay in £2,880, with £720 tax relief).
    • If you’re a high earner, a lower limit could apply known as Tapered Annual Allowance. See further information at www.gov.uk.
    • If you’ve taken out a taxable cash sum or flexible income, the amount you can contribute without paying a tax charge is limited to £10,000 (the Money Purchase Annual Allowance).

    Tax treatment depends on your individual circumstances. Your circumstances and tax rules may change in the future.

  • If you would like financial advice, you could speak to an Independent Financial Adviser. Unbiased and Vouchedfor will let you find a local adviser based on your requirements. There will be a charge for this service.

    You get free help and guidance through Pension Wise. If you’re over 50, you’ll also benefit from a free 60-minute appointment.

    Alternatively, our partners Lloyds Personal Wealth could also help. They provide personalised advice on a range of different products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you. To be eligible, you’ll have at least £100,000 in sole or joint savings, investments or personal pensions, or sole income of at least £100,000. Fees and charges may apply.

  • You may forget about a pension you already have. This could impact how much you can save for retirement.

    For further support, you can go to The Pension Tracing Service, which is operated by the Department for Work and Pensions.

  • Our example pension illustration shows what happens when you invest in a SIPP over time. This includes any potential growth of a pension, starting from when you open your account, until you reach retirement.

    Generic illlustration (PDF, 314KB)

Need more support?

Whether you want to choose your own investments or would like help getting started, we’ll support you in a way that works for you.

  • We offer tools to help make investing simpler and clearer:

    • Start‑Up Fund. A straightforward way to get started if you’re not ready to choose investments yourself. Your money is invested in one diversified fund that gradually adjusts as you move closer to retirement.

    Start-Up Fund

    • SIPP Builder. Explore the full range of available investments before committing your money.

    SIPP Builder

    • ETF Quicklist. A shortlist of ETFs selected with iShares by BlackRock.

    ETF Quicklist

    • Funds Select List. Expert‑selected funds to help manage risk and growth.

    Funds Select List

  • Choose from a wide range of investments, including:

    • Funds. Choose from over 2,500 funds if you’re comfortable making your own investment decisions.

    Funds 

    • Shares. Buy and sell shares in UK companies and on 6 global stock markets.

    Shares 

    • Bonds and gilts. Investing in government and corporate bonds, which may suit those looking for income or lower‑risk options.

    Bonds and gilts 

    • Exchange‑traded funds (ETFs). Track markets or sectors and trade like shares.

    ETFs 

    • Investment trusts. Invest in professionally managed portfolios, with shares traded like other equities.

    Investment trusts 

Explore your options

We want to make sure you know about our other Pension options. Here’s one that might suit you.

Ready-Made Pension

Whatever retirement means for you, discover how it can be made easier with our Ready-Made Pension.

Explore Ready-Made Pension

Protecting your money

Protecting your money

 

The Financial Services Compensation Scheme (FSCS) protects the eligible money you hold with us.

More about the FSCS

 

The Financial Services Compensation Scheme (FSCS) protects the eligible money you hold with us.

More about the FSCS

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SIPP explained

Find out more about Self-Invested Personal Pensions with Bank of Scotland.

SIPP explained

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority under registration number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.

SIPP is provided by Embark Investment Services Limited, a company incorporated in England and Wales (company number 09955930) with its registered office at 33 Old Broad Street, London, EC2N 1HZ. Embark Investment Services Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 737356).

Are you new to pensions?

The earlier you start saving into a pension, the better.
Take control of your retirement with a Bank of Scotland pension

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Are you new to pensions?

The earlier you start saving into a pension, the better.
Take control of your retirement with a Bank of Scotland pension

Pensions home