Founded in 1853, Halifax is a British banking brand that now operates as a trading division of Bank of Scotland. It is the UK’s largest building society.
Halifax’s SIPP allows you greater freedom to choose how your pension pot is invested, with the choice of topping up your pension whenever you like, through one-off or regular payments. You can pay in up to £40,000 of your earnings per year, and once you have started to withdraw from it, you can still add up to £4,000 each tax year. If you choose to access your retirement income before you retire, you’re usually able to withdraw up to 25% of it tax-free. The SIPP give you the chance to invest in Government securities, insurance company funds, investment trusts, stocks and shares, commercial property and more.
Halifax has a large range of service offerings including banking services, ISAs, savings and investments, car finance, mortgages, insurance, travel, financial planning and more.
Halifax Reviews and Ratings
Online reviews for Halifax are fairly poor. Users have complained that the customer service is slow with long waiting times on the phone. Many are unhappy that the products are misleading and overpriced and that the claims handling process is inadequate.
- A popular, trusted brand
- The UK’s largest building society, including Scottish Widows which is a part of the group
- A large range of investment opportunities
- Helpful online videos to guide new customers
- SIPP payments can be made as both regular or one-off
- Higher rate taxpayers can claim extra tax relief through self-assessment
- Withdraw up to 25% as a tax-free lump sum from the age of 55
- No minimum age restriction for opening a SIPP
- Tax payable on any lump-sum withdrawals of over 25% of your SIPP fund
- A lifetime limit of £1,073,100 currently applies across all your pension funds
- Money only accessible from your SIPP when you’re aged 55 or older
- Poor customer reviews
- Complaints about claims handling and slow communication
- Specific product details not readily available on website, phone for further details