There is no minimum deposit, and you can invest everything you earn in a tax year into your pension without incurring a tax charge, up to a maximum of £40,000 for the current tax year. There is also currently a lifetime limit of £1 million.
If your total income in a tax year exceeds £150,000, then the £40,000 annual limit is reduced, ‘tapering off’ by £1 for every £2 of income earned over £150,000. The minimum annual allowance you can receive is £10,000, if your total taxable income is £210,000 or higher.1
There are other circumstances in which your annual limit may differ from the above. Contact James Hay for full details of taxes on your SIPP.
1 The Total Expense Ratio (TER) for the ETFs in an IG Smart Portfolio is subject to your portfolio allocation and will be between 0.20% and 0.23%. Correct at 28/03/2017.