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    • Home • Advice • Common questions

    Is it worth paying into two SIPPS?

    07 July 2021

    Question by Andrew

    Is it worth paying into two SIPPS? I have a SIPP with Vanguard but am considering opening a second pension. My thinking is when I get closer to retirement I can access one fund, start to work part time and let the other fund keep growing. The SIPP is an extra pension fund and is in addition to my teacher's pension which is my main pension.

    Answered by

    Hi Andrew,

    Thanks for your question. Pensions are so flexible nowadays that there isn't really any need to open a new one. If you add to the existing fund, you can simply access as much as you need once you start working part time by only crystallising the part that you need, and the rest will continue to grow until you need to dip into it again.

    Regards
    Rachel

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    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.