Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Unlock Your Financial Future: SIPPs & NHS Salary Calculator Explained!

19 Apr 2025 · 1 min

Watch on YouTube

0:46

Short segment from a YouTube video by Ndubuisi 'Andy' Egwim explaining Self Invested Personal Pensions (SIPPs). The speaker defines a SIPP as a private, self-directed pension allowing investments in shares, funds, ETFs, bonds and real estate, notes tax relief and tax-free growth, states an annual contribution limit of £60,000 (depending on income and other pensions), and outlines withdrawal rules (from age 55 or 57 depending on timing, 25% tax-free, remainder taxed as income). Emphasises usefulness for high earners and early retirement planners.

Questions this video answers

£60,000 per year (depending on income and other pension contributions).

From age 55 or 57 (the speaker notes 57 applies if withdrawing after 2028).

25% tax-free; the remainder is taxed as income.

Chapters

Let's look at the SIP as well. What is a sip? So a sip, or Self Invested Personal Pension, is a private pension. Basically, you control it. You can choose to where the money is invested, shares, funds, ETFs, bonds, real estate, commercial real estate. And you get tax relief like any traditional pension. Here's how it works. You can contribute up to 60,000 pounds a year, depending on your income. Of course, consider your other pension from your other employment as well, and you get tax relief on it. The money grows tax free and from age 55 or 57, if you are withdrawing after 2028, you can start taking it out. You get 25% tax free and the rest is taxed at income when you start withdrawing. So it's powerful stuff, especially for high earners or early retirement planners.