SIPPs will be built up generally in two ways:

• By transferring in benefits from other pension schemes
• By making single or regular contributions

Transfers
Transfers can come from any registered pension scheme. There may be benefits to leaving your benefits invested in these schemes and advice should always be sought from a suitably qualified adviser prior to making any transfers.

In addition if the SIPP is an appropriate personal pension with the necessary contracting out certificate you can also transfer funds from contracted out schemes.

Contributions
You and/or your employer can contribute to a SIPP; there are no limits on the amount you can contribute. However, there are limits on the amount of contributions on which you will receive tax relief. To establish how much you should contribute to maximise your chances of obtaining your desired level of tax relief and retirement income, you should speak with your adviser.