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Is it worth paying into two SIPPS?

07 July 2021

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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 Rachel Efetha

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.


Answered by

Rachel Efetha

Chartered Financial Designer

Rachel has nearly 30 years’ experience in Financial Services, with the last 21 years advising clients. She advises on a holistic basis but particularly enjoys Cashflow Planning to see when her clients can afford to retire, and has reduced grown men to tears twice by telling them they could afford to resign right now. As a divorcee herself, Rachel loves coaching women going through divorce to take financial control, and has successfully argued with solicitors to gain her clients a much bigger slice of the pension pie.