How to start a SIPP account

Starting a pension can feel like a big step. Retirement might seem far away, especially if you’re in the early stages of your career. But the truth is, the earlier you begin, the more time your money has to potentially grow.

A Self-Invested Personal Pension, or SIPP, is a flexible way to take control of your retirement savings. It allows you to choose how your pension is invested, while benefiting from valuable tax relief - and importantly, you don’t need a large lump sum to get started.

At Quilter Invest, opening a SIPP* is designed to be simple, clear and accessible.

Why starting early matters

When it comes to pensions, time is one of your biggest advantages.

The earlier you start contributing, the longer your money has to benefit from compounding. Compounding is when the returns you earn begin to generate returns of their own. Over many years, this can make a meaningful difference.

For example, someone who starts contributing small amounts in their twenties may end up with more at retirement than someone who waits until their forties and contributes larger sums. It’s not just about how much you invest - it’s about how long it stays invested.

Even modest, regular contributions can build momentum over time. Starting small is absolutely fine. The key is consistency.

You don’t need a large deposit

One of the biggest misconceptions about pensions is that you need a lot of money to begin. You don’t.

You can start your SIPP with a low regular deposit. Setting up a monthly contribution can make investing feel manageable and routine. It becomes part of your financial rhythm, just like paying a bill or adding to your savings.

Starting with an amount you’re comfortable with is often better than waiting until you feel ready to invest more. You can always increase contributions later as your income grows or your circumstances change.

What matters most is getting started.

How to open your SIPP

Opening your SIPP* with Quilter Invest is straightforward and fully online.

Once you’ve completed your registration, you’ll receive confirmation:

Welcome to Quilter Invest. Your registration is complete.

From there, you can move ahead with setting up your SIPP.

You’ll need your National Insurance number to confirm your identity and your bank details to link your bank account and arrange contributions.

There’s no pressure to deposit immediately. You can open and explore your SIPP first, take a look around the platform, and familiarise yourself with your options.

When you’re ready, you can add funds. You decide how much and how often. Many investors choose to set up a regular monthly contribution so their pension grows steadily over time.

What happens after you fund your SIPP

Once your contribution is added, you can begin investing within your pension.

Because a SIPP is designed for long-term retirement saving, it’s important to think in decades rather than months. Markets will rise and fall in the short term, but pensions are built with a long horizon in mind.

Staying invested consistently, especially through regular contributions, can help smooth out market ups and downs over time.

And remember, pensions benefit from tax relief. For most basic rate taxpayers, the government adds 20% tax relief to contributions. That means for every £80 you invest, £100 goes into your pension. This gives your retirement savings an immediate boost.

When investing, your capital is at risk, and you may not get back what you originally invested. Tax treatment depends on your individual circumstances and may be subject to change in the future.

A simple approach to getting started

If you’re unsure where to begin, keep it simple.

Choose an amount you can comfortably afford each month. Set up a regular contribution. Focus on the long term. Review your contributions occasionally and increase them when it feels manageable.

Starting early with small amounts is often more powerful than starting later with larger ones.

Your future retirement income is built step by step. The most important step is the first one.

*Account fees may apply - please see our pricing table for details.

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