After researching and choosing a provider you want , usually most providers have forms on their websites, almost similar to how you open a bank account on line.

You then go to SIPP page, for most providers it is found on the services tab.  Make sure you have the required information handy, example your national insurance number, Debit card details if you want to choose an option of paying a lump sum in your SIPP, Bank details if you want to set up a regular savings plan, your annual allowance if you are over 55. 

Next you fill in a form on line.  The form is simple usually asking information e.g personal and employment details, plus when you want to retire.  You then choose the plan you want, single lump sum payment, regular saving or even transferring your investments. You can also choose when you want your tax relief to be calculated .  However always check with the provider.    That is usually about it.  It is however important to check and make sure you get the best return on your investments before opening a SIPP.

I hope this helps.

Faith Mupakaviri thanks Faith that's great advice!

Hi Joanne 

Self-invested personal pension works in the same way as a personal pension, however, the schemes provide a wider choice of Investments. A SIPP is a way of building up pension funds for retirement. To see if a SIPP is right for you it would be worth engaging with an adviser to receive a recommendation, an adviser can establish if a SIPP is needed and if its right for your individual circumstances.

IFA process:

An initial meeting with a client takes place where the initial disclosure documents are provided. After a brief discussion, if the client is happy to proceed the adviser completes the Fact Find where they understand the client’s current circumstances and requirements.

The adviser now does a whole market research and after assessment provides a recommendation to the client with the provider and funds selected. As we have seen with the definition above, a SIPP involves more detailed analysis due to a wider choice of investments offered. This includes investing in shares, collective investments, investment trusts and property (but not residential property).

SIPPs are not suitable for everyone; therefore a deep analysis of the situation needs to be made by the Financial Adviser to understand if this is suitable for the client.

Any further question just let me know. 

Thanks 

Adam

Are there limits as to what you can invest in a SIPP, i.e. does it have to be bonds, stocks and shares? Can you also invest in Bitcoin etc?

Thanks Adam that is most helpful!

Setting up a SIPP (Self-Invested Personal Pension) is pretty straightforward. You can usually do it through a pension provider or a financial advisor. They'll help you choose investments and manage it. Just make sure to compare fees and investment options before picking one.