SIPP accounts are now live and are being gradually rolled out to clients on the waitlist. Eligible UK-resident clients of Trading 212 UK Ltd will be notified when access becomes available to them.
Once you start taking taxable benefits from your pension, your annual allowance will be permanently reduced to £10,000. This is known as the Money Purchase Annual Allowance (MPAA). This limit includes all contributions made by you, your employer, or a third party into your defined contribution pensions.
Once the MPAA is triggered, you cannot use any unused annual allowance from previous tax years to increase the £10,000 limit.
This reduced allowance starts the day after you first access taxable benefits. It does not impact any savings or contributions made before that specific date in the same tax year.