SIPP Cashback and all the latest SIPP offers

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£200 Cashback

Get £200 cashback when opening or transferring a SIPP. Terms apply.

Capital at risk if you invest. FCA regulated & FSCS protected.

In this guide we take you through the latest SIPP cashback offers. 

Many SIPP providers offer an incentive to get you to open an account with them, or to transfer an existing pension. We cover these below, and our team of finance professionals also explain what to look out for when choosing a SIPP provider.

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SIPP Cashback Offers

Here are the best SIPP cashback offers.

ii SIPP Cashback: Interactive Investor – £200 SIPP cashback

Interactive Investor (ii) is one of the largest investment platforms in the UK, with over £50bn in assets under administration and backing from Abrdn plc. The latest ii SIPP cashback offer gives £200 cashback for new customers who open and invest, or transfer, a SIPP.

Interactive Investor (ii) – £200 cashback

Get £200 cashback when opening and investing in a SIPP, or transferring a SIPP. Terms apply.

Interactive Investor is regulated by the FCA and has FSCS protection.

Interactive Investor has more than 40,000 shares, bonds and funds to invest in. There’s also a range of investment ideas and funds lists to help you decide what to invest in. Plus, dealing fees are lower than the other major SIPP providers and regular monthly investing is free.

It’s also the cheapest SIPP platform for mixed portfolios worth more than £62,000.

This is because it charges fixed monthly fees, which become a smaller percentage of your portfolio as your portfolio grows in value. So, if you want to invest in a combination of shares, mutual funds and bonds then Interactive Investor usually works out cheapest.

InvestEngine – up to £50 welcome bonus

InvestEngine provides one of the cheapest SIPPs on the market, charging just 0.25% platform fees. They’re also offering new customers a welcome bonus of up to £50 if you use our exclusive link.

Up to £50 welcome bonus & up to £2,500 ISA bonus

Over 610 ETFs to invest in. Commission-free.

Use our exclusive link to get a free welcome bonus of up to £50 AND an additional bonus of up to £2,500 when you invest or transfer an ISA at InvestEngine.

Ts&Cs apply. Capital at risk if you invest.

Up To £50 Welcome Bonus & £2,500 ISA Bonus

OFFER: Use our exclusive link to get a free welcome bonus of up to £50 AND an additional bonus of up to £2,500 when you invest or transfer an ISA at InvestEngine.

Ts&Cs apply. Capital at risk if you invest.

InvestEngine only offers ETFs, so no shares or mutual funds, but you can build your own low-cost portfolio with no dealing charges. Plus, if you have a Managed Portfolio you can still add your own ETF picks to your portfolio for free.

Their customer support is very good, too, and you can also open an ISA or a General Investment Account (GIA). In fact, it’s the cheapest Stocks and Shares ISA on the market.

Read all the details in our in-depth InvestEngine review.

Moneyfarm – TBC

Moneyfarm is the best robo-advisor in the UK in our view. They often have cashback offers for new users up when opening and investing in a SIPP, or for transferring a SIPP. We will update this section when their next offer goes live.

If you want professionals to take care of your SIPP investments for you, then Moneyfarm is our top pick for passive investing.

Moneyfarm has one of the best performance track records of the main robo-advisors combined with low charges which reduce as your pension pot grows.

Free guidance from investment consultants, great customer service and socially responsible options also make it a great choice for your SIPP.

Read our Moneyfarm review for more about how Moneyfarm works. Moneyfarm also offers 10 ethical portfolio options – read our guide to the best ethical stocks and shares ISAs for more.

Other SIPP Offers

It’s not just SIPP cashback offers to look out for. Below we round up the best SIPP offers aside from cashback, including free shares and prize draws.

Freetrade – free share worth up to £100

Alongside one of the best trading apps on the market, Freetrade offers a SIPP. Freetrade’s latest SIPP offer gives you a free share worth up to £100 when you open an account. 

Freetrade – Free share worth up to £100

Click our link below, open a Freetrade account, fill in the W-8BEN form and fund your account with at least £50 and your £10 to £100 free share will be revealed within 7-10 days.

Freetrade is regulated by the FCA and has FSCS protection.

Freetrade has a brilliant app which makes it great to manage your SIPP investments on the go. There are thousands of investment options to choose from, including Treasury notes as well as shares (including AIM shares), ETFs and funds.

Read our round up of the latest free shares offers. 

What is a SIPP?

A self-invested personal pension (SIPP) is a private pension that anyone can open and contribute to. It’s separate from a workplace pension (and the state pension) but you can arrange for an employer to contribute to it, too.

A ‘regular’ personal pension is where you make contributions into a pension scheme run by a professional pensions investment company. These are often large asset management firms, and your pension investments are managed by their team of professionals.

They will usually assess risk for you, taking into account your age, and adjust your investments over time. Typically, they will move your investments from higher risk assets to lower risk assets as you approach retirement age.

Investments made within a self-invested personal pension, on the other hand, are totally under your control. You make the investment decisions and decide what to invest in, perhaps after taking financial advice from a qualified advisor.

There are also a very wide range of investments allowed to be held in a SIPP, which is one of the reasons they were created – to encourage investment into a wider range of assets.

But that doesn’t mean you have to make your own investment decisions if you don’t have the time or desire to do so. There are a range of ready-made portfolios and robo-advisor options, such as Moneyfarm, who will invest your money for you based on some initial risk criteria that you pick.

Pensions Tax Relief

One of the major advantages of paying into a personal pension is that the government adds 25% to your contributions. The bonus is almost always added automatically by your pension provider (assuming they’re registered with HMRC, which they should be – all the providers in this guide are).

That means if you pay in £100, the government adds £25 so your total pension contribution is £125. This can really add up over time if you make regular contributions and give a big boost to your retirement pot.

Higher and additional rate taxpayers can also claim relief at 40% and 45% respectively on their annual tax return. 

Annual Allowance

There is an annual limit to how much tax relief you can get, though. For most people it’s the lower of £60,000 or your annual income. However, very high earners may see this relief tapered further. 

You may also be able to roll over any unused annual allowance from prior years to the current year, increasing your annual tax free allowance in the current year.

You may have read elsewhere that £60,000 is the maximum you can contribute to all of your pensions in one year. This isn’t true, though. The £60,000 annual allowance only applies to tax relief and tax payable on contributions – there is no legal limit to stop you contributing beyond this so long as you pay tax on these contributions.

So, you can contribute as much as you like into your pension but if the contributions exceed the annual allowance you will not get tax relief and you may have to pay tax on them.

Income and Capital Gains Tax

There’s no income tax or capital gains tax chargeable on your pension investments so long as they’re not on HMRC’s list of tax chargeable assets, such as residential property. 

So investing in shares, funds, ETFs, investment trusts and bonds through a SIPP – as the SIPP providers in this guide all specialise in –  will not be subject to income or capital gains tax. This helps to grow your investments over time as any income from your investments within a SIPP can be reinvested tax-free, and investment gains will also be tax-free.

When it comes to drawing on your pension, however, you may need to pay income tax. The first 25% you withdraw from your pension will be tax-free, but the remaining 75% will usually be subject to income tax at your marginal rate.

Your marginal tax rate is simply the income tax rate that you would pay based on the tax band you fall into if that pension income is added to your employment income.

What about a SSAS pension?

If you’re a company director of a small business, you may want to look into a Small Self Administered Scheme (SSAS) pension instead. 

A SSAS is a type of workplace pension for business owners which is also highly flexible, and may be more advantageous to you than a SIPP if you’re a company director and you meet the SSAS criteria.

The government bonus on contributions and tax-free savings also apply to SSAS pensions.

Read our SSAS guide for all the details.

Are these SIPP providers safe?

All of the platforms in this guide are regulated by the Financial Conduct Authority (FCA), which is the UK’s regulator for financial firms.

Your money and investments are also protected under the Financial Services Compensation Scheme (FSCS). This guarantees up to £85,000 if your provider were to go bust. In some cases, pensions have unlimited government protection but this may not apply to newly opened SIPPs.

It’s also important to be aware that you’re able to complain to the Financial Ombudsman Service (FOS) about an FCA regulated company, if you’re unable to resolve a dispute directly with the company. The FOS’ decisions are binding, and should give you extra comfort when choosing a SIPP provider.

There are additional regulatory checks and procedures an investment provider must comply with to offer a SIPP compared to a General Investment Account and even an ISA. 

This is because the government is keen to encourage people to make use of private pensions and therefore wants them to be as safe as possible. SIPPs, as with other private pensions, have tax incentives which are approved by HMRC.

As a result, SIPP providers must be registered with HMRC and complete compliance checks directly with them.

So, investing through a SIPP with an FCA-regulated and FSCS-protected provider is one of the safest ways of investing through a pension. Each of the providers in our SIPP cashback guide is FCA-regulated and has FSCS protection.

On top of that, your cash and investments are administered by professional ‘custodians’ and your money is deposited with regulated banks. This keeps your money separate from your provider’s own funds.

As with all investing, though, your capital is at risk. This means the value of your investments can go down as well as up. But, over the long term, stocks and shares have historically risen in value.

SIPP cashback summary

Those are the latest SIPP cashback offers. We aim to update these SIPP offers as they become available. 

A SIPP is a potentially great way to invest for your retirement. All of the providers that we cover are FCA regulated and have FSCS protection. 

Here’s a reminder of the SIPP cashback offers:

The other SIPP offers we covered are:

Get £200 cashback with Interactive Investor

Get £200 cashback when you open and invest or switch to an ii SIPP.
Capital at risk if you invest. FCA regulated & FSCS protected.

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Get £200 cashback with Interactive Investor

Get £200 cashback when you invest or transfer a SIPP to Interactive Investor. Terms apply.

Capital at risk if you invest. Interactive Investor is regulated by the FCA and has FSCS protection.

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