Holly Mckay
Holly MackayFounder and CEO
Avatar

Subscribe Now

Free of Charge

Avatar
    • Home • Advice • Common questions

    Can you open a SIPP after you've retired?

    11 October 2024

    Question by Rodney

    Hi,

    I have not seen or heard of anything to do with pensions for retired people. I am 71 years old and looking to start a pension just for a savings plan. I believe there are restrictions on how much you can put into a pension at my age. I would like to learn more about what options are available to me.

    Thanks.

    Answered by Boring Money

    Yes, you can indeed open a SIPP after you've retired.

    The main benefit of contributing to a pension instead of a different financial product is the tax relief that you get on contributions. Provided you are contributing to a registered pension scheme, and are a UK resident under the age of 75, you should be eligible to receive tax relief on your contributions up to a maximum of 100% of your UK taxable earnings (or £3,600 if you are not really working and your earnings are less than this amount).

    There are restrictions on how much you can put in your pension. In general, the maximum is £60,000 per year, or £10,000 per year for people who have already flexibly accessed any of their pension benefits previously in their life.

    There is more information on this available on the government website, which can be found here.

    Answered by

    Boring Money

    Here to help you understand your options and make smart money choices.

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    |

    We use cookies

    You will see cookie information on different websites and regulation means that we need to ask your permission to use them. We use cookies to improve our website, for analysis of our visitor data, to show personalised content and to give you a great website experience. For more information about the cookies we use open the settings.