Can I have more than one SIPP ?

DavRos_2

Hi

I am trying to find definitive advice on whether I can hold more than one SIPPs. I have spoken to two existing reputable providers and one says you can the the other you can't !

My working assumption was that as long as I stay within my allowances I can have several.

Thanks David

purch

You can have as many as you like.

dunstonh

Just adding to the thread so it doesnt look like you have had just one answer. Purch is correct. There is no limit on the number of pensions or pension types you can have. 1 or 1000. It is up to you. Although typically with SIPPs, it is pointless to have multiple plans.

Unfortunately, a lot of providers employ low skilled contract workers nowadays on their phone lines. As an adviser, I find I often have to tell them what they can or cannot do. Sometimes, within those contract workers though you will find the odd gem who is far too knowledgeable to be on the phone line. So, I dont want to tar them all with the same brush.

jamesd

The main reason to have more than one SIPP or other pension is if one is cheaper for say shares and another for funds, so you might want one of each. You might also have one at work.

Back sometime before 2005 there were restrictions that barred you from having any personal pensions if you had a workplace one. No longer.

Same applies to ISAs for money from past years. The one of each type at a time limit only applies to those holding money paid in during the current year.