Personal Pensions
The question
To ask the Chancellor of the Exchequer, whether HMRC defines SSIPs as pension assets for the purposes of (a) means-tested benefits and (b) financial assessments.
Answered by Dan Tomlinson
The treatment of Self-Invested Personal Pensions (SIPPs) for the purposes of means-tested benefits and financial assessments does not fall within HMRC’s remit. HMRC’s role is to define and regulate pension schemes for tax purposes, including SIPPs, which may be registered pension schemes under the Finance Act 2004.
Decisions regarding the treatment of pension assets in means-tested benefits are a matter for the Department for Work and Pensions (DWP), while financial assessments for adult social care are administered by local authorities under guidance from the Department of Health and Social Care (DHSC).
HMRC does not define SIPPs as assets for the purposes of benefit entitlement or financial assessments. Any determination of how such pensions are treated in those contexts should be sought from the relevant departments.
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