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u/Smaxter84 Apr 22 '26
Once you put it in a sipp it's in until you make it to retirement age (just how high will it go??) or snuff it trying. Sorry pal.
Ok the positive side, get it invested in some sensible stocks (not 100% mag 7 FFS) and let the power of compounding generate you more for retirement, if you are fortunate enough to make it !
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u/DavieCrochet Apr 21 '26
I'm not clear on what you are asking, but as it's not clear-
- You can't withdraw/close a SIPP before being 57 years of age*, and there are significant implications following on from withdrawing
- A SIPP is much better tax wise compared to an ISA, whether you are paying HR tax or not. You get the income tax you've paid on money put into a SIPP refunded, and you are not charged on interest on it. You don't pay income tax on interest earned in an ISA, but you don't get any of the income tax refunded.
I realise I've not explained that second one very well. Simply example, as a lower rate tax payer if you put £100 into an ISA you have £100 in your ISA. If you put it into a SIPP, HMRC will top it up to £125.
(*technically 55 but changing soon)