• Pension Investment Account – Retirement investments all in one place

    The Pension Investment Account is a self-invested personal pension, or SIPP. By giving your client a range of investment options, such as stocks, shares and funds, it aims to help them to build a pension pot for when they stop working.

    Your client can combine any pension contributions - from them, their employer, or third parties - all in one place, alongside any existing pensions. This makes it quick and easy to manage their investments.
  • All the benefits of our Elevate platform

    Since this account is on Elevate, you can manage it alongside other financial products. For instance, you can easily transfer money from an Elevate General Investment Account into a Pension Investment Account. And our pre-funding will benefit your client too: tax relief is applied to your client's account as soon as their contribution is received - so it can be invested faster.

    Best of all, you and your client can review and manage all of this online, without filling in forms or doing more paperwork.

    Options to suit your client

    When they're ready to retire, your clients can use their retirement benefits to:

    • take their tax-free lump sum entitlement
    • take regular income and taxable lump sums through flexi-access or new regular (drip feed) drawdown, while keeping the rest invested
    • take a full or partial lump sum made up of a taxable portion and tax- free entitlement (also known as Uncrystallised Fund Pension Lump Sum)
    • buy an annuity through the Open Market Option
  • Questions people ask us

    • The minimum single payment or transfer is £1,000.
    • The minimum regular payments are £100 a month, £300 a quarter, £500 every six months or £1,000 a year.
    • Contributions by or on behalf of your client must stop by age 75. However it is still possible to transfer in pensions held with other providers after this age.

    Your client needs to be UK resident, and they must be over age 18. 

    There are no charges for opening the PIA or for drawing retirement benefits. Your guide to charges tells you more about the fees and charges your client will need to pay.

    Once they reach 55, your client can use some or all of their investments to take a tax-free lump sum and drawdown income. The minimum amount that needs to be used for drawdown is £1,000, after any tax-free lump sum has been accounted for.

    Clients can take pension income through flexi-access drawdown. There are no minimum or maximum limits to the amount they can take as one-off or regular payments – meaning your client can take as little or as much as they like – or choose to take income at a later date. Payments will be taxed at their marginal rate of income tax.

    They also have the option to take their pension benefits gradually with a minimum of £100 through regular (drip feed) drawdown which is our new flexi-access drawdown feature offering clients:

    • Flexibility to choose the right level of income- taking just tax-free cash, withdrawing the full value of each regular crystallisation or any amount in between
    • Fully automated solution leaving the platform to disinvest the assets selected, crystallise the pension benefits and make the income payment to your client on the date they choose
    • One consolidated payment to their bank account 
    • Option to keep their fund invested and retain some of their tax-free cash

    Take a look at our Elevate regular drip feed drawdown guide.

    Capped drawdown

    If your client already has a Pension Investment Account and has chosen capped drawdown on or before 5th April 2015, they can stay as they are and continue to pay new amounts in to capped drawdown. They can also transfer existing capped arrangements from other providers after this date.

    Capped arrangements can be converted to flexi-access drawdown free of charge using a simple online platform process.

    Clients can normally take a tax-free lump sum payment of up to 25% from the value they place into drawdown. The remaining 75% is held in their drawdown arrangement where they can take regular taxable income, one-off taxable payments – or a combination of both. They can also take a lump sum prior to an annuity purchase.

    Alternatively a one-off payment for any value can be paid from their pre-retirement savings. This is called an Uncrystallised Fund Pension Lump Sum (UFPLS) and allows eligible clients to take full or partial withdrawals without having to set up drawdown pension. 25% of the payment is tax-free. The remaining 75% is taxed at their marginal rate.

    The PIA offers a wide range of investments that fall into four categories:

    • Cash
    • Fixed Term Deposits
    • Funds
      • Unit trusts
      • Open Ended Investment Companies (OEICs)
      • Société d’Investissement à Capital Variables (SICAVs)
      • Other collective investment schemes
    • Securities
      A range of assets and investments in sterling are available through our securities trading partner(s). Currently these securities include:
      • Stocks and shares traded in the UK
      • Investment Trusts
      • UK Real Estate Investment Trusts (UK-REITS)
      • Exchange Traded Funds
      • Fixed-interest securities issued by governments or other bodies
      • Debenture stock or other loan stock
      • Permanent Interest Bearing Shares (PIBS)
      • Exchange Traded Notes

    Yes, it is protected under the Financial Services Compensation Scheme (FSCS). This means that if we were unable to pay claims / benefits because of financial difficulties, your client may be able to make a claim with the FSCS if they are eligible. There are limitations to the amount of your client's investment that is protected. Please see Your Guide to Elevate PIA for details of the limitations.

  • Tools and illustrations

    Tools and illustrations

    Manage your clients' portfolios quickly and easily using our tools or get an illustration.

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    Flexible pricing

    Our pricing structure has been built on simplicity, so our charges are flexible, clear and transparent.

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    Read our Literature

    Search our literature library for details about the Elevate Pension Investments Account.

  • It’s easy to get set up on Elevate.
    Just call us on 0345 600 2399, or speak to your Business Development Manager. We sometimes record telephone calls to help with training, service and security.
  • Please bear in mind

    The value of your client's Pension Investment Account can go down as well as up. It isn't guaranteed, which means your client could get back less than they originally paid in. Tax and legislation are likely to change in the future, and the information above is based on our interpretation of current law and HMRC rules. The value of any tax benefits will depend on your client's circumstances.

    Once your client takes income from their flexi-access drawdown arrangement or if they take a UFPLS payment, the Money Purchase Annual Allowance (MPAA) is triggered (if it does not already apply). Future contributions will be restricted to £10,000 per annum.

    Income taken from capped drawdown is subject to limits based on Government Actuary's Department rates. However, if income is taken solely by these means, the MPAA is not triggered. Clients can continue to make contributions up to the annual allowance (currently £40,000).

    (Note; If we do not have a P45 for the current tax year, an emergency Month 1 tax code will be used for your clients taxable income or UFPLS payments, until we are provided with the correct tax code from HMRC)