subject: Sipp Eligibility [print this page] By virtue of being the citizens of UK, everyone has Sipp eligibility; however, as per the tax rules, UK citizens aged more than 75Yrs are not eligible for the Sipp.
Therefore, as per the rules anyone can avail the facility of sipp irrespective of age (necessarily not exceeding 75) and profession.
Following persons are eligible for Sipps:
Self Employed People: Any UK citizen who runs his/her own business irrespective of business size whether it is small scale business or big scale business, he/she can enjoy the Sipp benefit.
Salaried People: Any person who is a UK citizen and employed in either government organization or private sector with fixed salary or incentive or both as applicable has Sipp eligibility.
Currently not Working People: People who are the citizens of UK but currently not working, either they are students are unemployed people looking for job are also eligible for Sipp.
Children: The children of UK citizens can also enjoy the self invested personal pension.
Citizens of UK living abroad: The self invested Personal Pension plans are flexible enough to include the citizens of the UK who are living in other countries of the world.
Every citizen of UK has Sipp eligibility, but the operating costs are substantially higher for Sipps; therefore, normally it is suitable only for those individuals who want bigger pension funds and who are interested to avail the facility of larger investment opportunities.
Moreover, if you are a UK citizen then you can enjoy the facility of Sipp if:
You want to involve yourself dynamically in the investment decisions of your pension plan.
You wish to have flexibility over how and when you want to get the pension income.
You wish to have more number of choices over the pension benefits that are available for your dependent/s after your death.
Last but not the least; if you want to access the wide range of Investment Schemes.
