I am retired with a DB pension and OAP pension and pay some higher rate tax. Can I invest in a SIPP and get tax relief?
06 December 2021
Question by Louis
I am retired with a DB pension and OAP pension and pay some higher rate tax. Can I invest in a SIPP and get tax relief?
Answered by Kris Amliwala
Hi Louis,
Yes, if you're under the age of 75 this is possible, but with consideration of the Money Purchase Annual Allowance (which should not be too much of an issue if you've never had a DC pension) and the lower of £40,000 annual allowance or your net relevant earnings.
If this is not the case, then if you're purely after income tax relief and have a suitable capacity for loss, there are other options such as the much riskier Venture Capital Trusts (VCT's) or Enterprise Investment Schemes (EIS) as they invest in much newer companies.
Best regards
Answered by

Kris Amliwala
Chartered Financial Planner
I really enjoy helping people align their wealth to their life goals and ambitions. By first spending time in understanding you, your life and your goals, before looking at cashflow planning and then if needed, any financial solutions, I find delivers the most rewards.