Updated: July 17, 2019
Can you have more than one SIPP?
Is it better to have multiple SIPPs or just one? The expert advisors we work with are on hand to help you make the right decision.
Why use us?
At OnlineMoneyAdvisor we're here to make sure everyone gets the right advice first time, whatever their situation or needs. Whether you want to get the most out of your pension, or secure a new mortgage deal - we've got it covered.
- Free and Unbiased Advice
- Mortgage Approval Guarantee - or £100 back*
- Personally Matched with an Expert
- There for you every step of the way
- No surprise fees
- Rated excellent on Trustpilot, Feefo and Google
If you have any questions, feel free to call us on: 0808 189 0463
Ask a quick question
We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions. Ask us a question and we'll get the best expert to help.

No impact on your credit score

Author: Tony Stevens - Finance Expert
Updated: July 17, 2019
Customers often ask us: ‘can I have more than 1 SIPP?’ when looking into options for funding their retirement. SIPPs, or Self Invested Personal Pensions can be a good solution for those who want to maximise flexibility and control over which funds they invest in, and for some, having multiple SIPP pensions is an attractive prospect.
Can I invest in more than one SIPP?
The short answer is yes: you can open more than one SIPP, and indeed many investors choose to hold multiple accounts. You can also open one or more SIPP accounts alongside other investment products you may have, such as workplace pensions, ISAs and more.
Regardless of how many accounts you hold you will need to ensure that you don’t exceed either your pensions lifetime allowance (currently £1,055,000) or annual allowance (£40,000) across all investments, or you will incur certain tax charges.
Speak to a expert today
Why use us?
At OnlineMoneyAdvisor we're here to make sure everyone gets the right advice first time, whatever their situation or needs. Whether you want to get the most out of your pension, or secure a new mortgage deal - we've got it covered.
- Free and Unbiased Advice
- Mortgage Approval Guarantee - or £100 back*
- Personally Matched with an Expert
- There for you every step of the way
- No surprise fees
- Rated excellent on Trustpilot, Feefo and Google
If you have any questions, feel free to call us on: 0808 189 0463
Why take out more than one SIPP?
There are many reasons why you might want to open more than one SIPP, and the choice will be largely driven by personal preference and perception of risk.
Common reasons investors may give for opening more than one SIPP include:
Access to different investment types:
One of the main attractions of SIPPs is the ability to invest in a wide range of assets, including stocks and shares, unit trusts, cash, commercial property and more. While it is possible to hold several different investments within one platform, not all will be available with a single provider, so if you have a particularly broad portfolio, you may need to spread it across multiple platforms.
Balancing risk:
Some people simply feel more comfortable spreading their investment across multiple platforms, in case of problems at any individual provider, particularly when they have larger amounts of money to invest.
Are SIPPs protected by the FSCS?
SIPPs are protected by the FSCS up to a value of £50,000, so if you want to invest more than £50,000 and are concerned about the (relatively low) possibility of one SIPP platform failing due to fraud or some other eventuality, you might want to consider spreading your funds across more than one platform.
Are there any disadvantages to having multiple SIPP pensions?
It’s important to balance the pros and cons of opening up more than one SIPP, and there are certainly some downsides to having multiple accounts at once that you may want to consider:
- Administrative cost: having several accounts to attend to at once can be time consuming and creates more complexity, making it harder to rebalance or simply keep track of the overall health of your funds.
- Keeping track of your allowances: This can be harder with multiple accounts, and you can’t rely on any one provider to let you know when you’re sailing too close to the wind in this respect, since they don’t know what you have invested elsewhere.
- Fees and other costs: There will be management costs and other charges associated with any SIPP, so having multiple accounts will incur more fees that can quickly mount up – particularly when you decide to go into drawdown as higher charges kick in once the pension has been crystallised.
Eligibility criteria for multiple SIPPs
There is no specific eligibility criteria for opening one or more SIPP accounts other than being under 75 years of age and resident in the UK. If you’re based overseas you can still open one provided you hold a UK pension, as this can be transferred into a SIPP.
You don’t actually need to be earning any income to open a SIPP, but your workplace can contribute to your own SIPP if you are in employment. It’s also possible to open a junior SIPP on behalf of a child.
Speak to an expert on multiple SIPP pensions
Ready to kickstart your investment journey, or grow you existing portfolio? If you have further questions on multiple SIPP pensions and would like to speak to an expert about the best options for you, give us a call on 0808 189 0463 or leave us a message here, and we’ll be in touch to help you find the right advice.
We work only with accredited advisors with access to all pension providers who know the market inside-out.
Ask a quick question
We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in pensions. Ask us a question and we'll get the best expert to help.

Related Articles
A Guide to SIPP Providers
Read more
SIPP or Stakeholder Pension?
Read more
SIPP Contributions
Read more

Tony Stevens
Finance Expert
About the author
Tony has worked in a vastly diverse array of areas in the pensions industry for over 20 years. Tony regularly writes for trade press, usually on topical and pensions pieces as well as acting as a judge at prestigious national events.
Tony is also a highly qualified Independent Financial Adviser in his own right. His mantra has always been “Hope for the best, but plan for the worst”, and believes that the biggest impact that an adviser can have on a client’s life journey is to take them on a journey from generally having little or no real idea of what their retirement will look like, to giving them the understanding of what their retirement looks like now, then helping them navigate a path to what they want their retirement to be.
Continue Reading
A Guide to SIPP Property Purchases
Alternatives to taking out a SIPP
Buying a Holiday Home with SIPP
Can you have more than one SIPP?
How is a SIPP Treated for Tax Purposes in the UK?
Self-employment and SIPPs – Contractors and Limited Company Directors
SIPP Protection: How Safe Is My SIPP?
SIPPs and Buy to Let Properties
The Benefits and Drawbacks of Investing in SIPPs
Transferring a Final salary pension into a SIPP
Transferring a pension into a SIPP
Using a SIPP to Buy Commercial Property
What are the benefits of keeping cash in my SIPP?