Pension question - probably stupid

[RosaWaiting]

hi all
I was wondering if there's any such thing as a SIPP that isn't reliant on stock market funds etc? So effectively a savings account that's a pension and gets the tax benefit.

am I looking for a unicorn?

many thanks.

If you have a SIPP then you can keep most types of assets in it, including cash and other lower-volatility assets like gilts and bonds.
The reason these are less popular when you're in the accumulation stage (still saving for retirement) is because they are very unlikely to grow as much as equities, and you still have time to even out/recoup short-term equity losses.

As you get closer to retirement/taking outsome or all of your pension savings, it's sensible to move a greater proportion to lower-volatility assets so that you have more certainty over their value.

How close are you to retirement?

It was just a general question, not close to retirement.

I was going to ask a separate question but as this has got a reply...

I'm also really confused about the Personal Savings Allowance and tax. If I take a time out from work and am not earning, will I still have to pay tax on any interest earned over £1000 (outside of ISAs)?

all the information I can find is based on being a 20% taxpayer, but if I take a time out from work - say a year - and am not classed a taxpayer at all, do I have to contact HMRC and pay tax on those savings?

Thanks if anyone can help.

Oh I just found a government tool that says I don't have to pay tax

is it me or is this all very confusing?!

Yes, that's correct you would not need to pay tax as it would be covered by your personal tax free allowance.

with regards to your original post, have you heard of the lifetime ISA, it is aimed at those under 40 and might suit you although it is not a pension. Here is what the government website describes it as:

You can use a Lifetime ISA (Individual Savings Account) to buy your first home or save for later life. You must be 18 or over but under 40 to open a Lifetime ISA . You can put in up to £4,000 each year, until you're 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year

Thank you Bless

I couldn't find any websites explicitly stating that.

I'm 43 and just missed the intro of Lifetime ISAs, grr.