Past Performance is not a reliable indicator of future results.
Your share of the fund is protected by the Financial Services Compensation Scheme, up to £85,000, though the actual value of investments will fluctuate with market forces.
Plum is also highly rated on the Apple App store, Google’s Play store, and Trust Pilot.
If you’ve been enrolled in workplace pension schemes from past employers, then a SIPP is a way to understand and control where your money is being invested. With Plum you can consolidate all your pensions into a single, handy app.
A Plum SIPP can help you make sure you have enough money tucked away to support yourself in later life.
For a basic rate taxpayer in the UK, if you were to contribute £100 into your SIPP it would only cost you £80 in real terms, because income tax paid is reimbursed by the HMRC.
This tax treatment will depend on your individual circumstances and may be subject to change in future.
You can invest your pension savings into a fund that is risk managed (based on your current age and target retirement date), or choose from a range of diversified global funds.
Information correct as of 18th Dec 2020. Past performance is not a reliable guide to future performance. As with all investing, your capital is at risk.
Combined with automatic saving rules and diagnostic features, you can put your pension on autopilot.
You choose from a range of funds to decide where your pension is invested, then sit back and let Plum automate your strategy, without needing to think about it.
A Self-Invested Personal Pension (SIPP) is a type of account that allows you to save for retirement in a tax-efficient and flexible way.
With a SIPP you can add money to your pension pot as often as you like, and claim additional income tax relief from HMRC as an incentive from the UK government.
Any money you pay into your SIPP, is free from capital gains tax, with the benefits you receive subject to UK pensions legislation. This includes limits on contributions that can qualify for tax relief, the age at which you can draw benefits, and any limits on the benefits that can be claimed without incurring tax penalties (including the amount that can be taken as tax-free cash).
You can use a SIPP to combine all your old pensions into one handy app, and start to draw money from the age of 55 (rising to 57 in 2028).
A Plum SIPP is just one part of the overall Plum platform, which can help you save more money, lower household bills, manage your budget and invest simply.
The Plum SIPP is available free of subscription charges (i.e. you do not have to subscribe to one of our paid tiers, either Plum Plus or Plum Pro).
However there are other fees to consider:
Yes! Any contributions you make to a SIPP are eligible for UK income tax relief, up to a certain threshold.
The maximum amount of tax relief you can claim on the money you pay into your SIPP is based on your earnings and how much tax you pay. You can generally contribute up to 100% of your earnings, with an ‘annual allowance’ for tax relief up to £40,000 per tax year.
The Scheme Administrator then claims the income tax paid (at the basic rate) back from HMRC, and will invest this directly into your pension plan. For example, a contribution of £10,000 would only cost £8,000 from your take-home pay, because the Scheme Administrator reclaims the additional £2,000 (based on income tax at a basic rate of 20%).
If you pay income tax at a higher rate, you can still claim extra tax relief through your self-assessment tax return on your personal contributions.
You can use the link below to see an estimation of the effect that fees/charges, time and performance can potentially have on the returns you receive from your SIPP.
Combining all your existing pensions into a single Plum SIPP account means you can manage all your retirement savings with a single app, whilst also having access to all the extra budgeting and saving features that Plum customers know and love.
The process is super easy, and can be completed within the app in a few simple steps:
A Plum SIPP has been designed to make saving and investing for your future as simple and as straightforward as possible.
When you transfer money to your pension you’ll be asked to choose from three types of investment funds:
The composition of the investments in this clever fund will be automatically adjusted as you near your specified retirement age (with a greater emphasis on stability over potential growth, the closer you get to retirement).
A fund that contains a broad range of heavily diversified investments from all around the world (meaning that any fluctuations from a particular sector or region only account for a small share of the overall fund value).
A fund that aims to deliver an ethical financial return, by investing in shares of companies that meet positive carbon and environmental criteria.
If you have any other questions you can visit the full FAQ.