Physical gold in a SIPP or SSAS pension
Some SIPPs and SSAS schemes can hold qualifying physical gold. HMRC's tax exception and your provider's investment acceptance are separate checks: confirm both before arranging a purchase.
General information only, not personal investment, pension-transfer, legal or tax advice. We do not recommend an allocation or assess whether gold or a transfer is suitable for you. Seek an appropriately authorised financial adviser and a qualified tax adviser for your circumstances. Tax rules and provider requirements can change; capital is at risk.
SIPP and SSAS: different pension arrangements
A Self-Invested Personal Pension (SIPP) is a personal pension with investment choices subject to its operator's rules. A Small Self-Administered Scheme (SSAS) is an occupational pension scheme run by trustees, commonly for a small group of members. Trustee responsibilities and provider services differ from a SIPP.
FCA guidance on SIPP operators' investment due diligence is not a blanket rule that every SSAS scheme or administrator is FCA-authorised. Check the specific firm, its permissions, the scheme rules and who is responsible for each service.
Which physical gold meets the pension tax exception?
HMRC PTM125100 describes an exception to taxable tangible moveable property for investment-grade gold: a bullion bar or wafer of at least 995/1000 purity and a weight accepted by the bullion markets. For investment-regulated pension schemes, acquiring taxable property can otherwise trigger member unauthorised-payment charges and administrator scheme-sanction charges.
This investment-grade gold exception does not cover gold coins or silver, even if a gold coin qualifies for VAT relief or a sterling legal-tender coin is exempt from CGT outside a pension. Do not treat all bullion as pension-eligible.
LBMA refiner accreditation is not a blanket HMRC condition in this definition. A provider may require it commercially, along with particular bars, dealers and custody arrangements, and may decline an investment that meets the tax definition. HMRC does not give rulings on individual investments.
Approval, provider billing and custody
First ask your provider or SSAS trustees to confirm the proposed bar, ownership and custody arrangements in writing. A website's pension-eligible product label is not your scheme's approval.
Our pension purchase workflow starts with a provider-facing sales order for approval, without payment details. Only after approval is it promoted to a formal invoice addressed to the pension provider on behalf of the member, retaining the SSAS scheme billing identity where applicable. The provider is the payer; a member copy is informational.
After cleared provider funds, the team arranges procurement and records the gold acquired for the pension. Agree provider-approved custody before buying; a member should not assume they can keep pension gold at home. Ask for written ownership, segregation, valuation, audit and insurance terms, including limits and exclusions.
Costs, tax and investment risks
Request current written quotes covering purchase premium, provider administration, dealing, storage, insurance, applicable VAT, transfer and exit charges, and the resale spread. A live spot price is a market reference, not a purchase or buyback offer. Product prices and commercial terms must be confirmed for the proposed transaction.
Qualifying investment gold is normally VAT-exempt, subject to the option to tax. The VAT definition has separate rules for coins; it is not a pension eligibility test or a CGT exemption. Ordinary retail silver does not have investment-gold VAT relief, although specialist bullion-market and export arrangements can differ.
Tax relief on pension contributions depends on your circumstances and current rules, not simply on buying gold. Withdrawals may be taxable. Gold prices can fall, gold pays no income, and fees and dealing spreads reduce returns. There is no guaranteed inflation protection, return or suitable allocation percentage.
Transfers and taking pension benefits
Do not transfer a pension solely to access gold without understanding charges, lost benefits and investment risks. Defined-benefit pensions provide guaranteed lifetime income; moving to a defined-contribution pension exposes the pot to investment risk and cannot be reversed. The FCA and The Pensions Regulator believe keeping a defined-benefit pension is in most people's interests. Regulated advice may be legally required.
Transfer availability and timing depend on the schemes and required checks; no completion timetable is promised. At retirement, do not assume physical delivery is available. Benefit options, any sale or in-specie transfer, age restrictions, custody release and tax consequences must be confirmed with the administrator and a qualified adviser.
Regulation, insurance and complaints
FCA authorisation does not mean every investment or service is protected. FSCS cover depends on what fails, the regulated activity and your eligibility. Qualifying insured pension-provider failures may have 100% protection without an upper cap; eligible SIPP-operator, investment-provider or failed-adviser claims generally have limits of up to £85,000 in the categories described by FSCS.
FSCS does not compensate ordinary market losses. Vault insurance is separate from FSCS and subject to the policy's risks, limits and exclusions; it does not guarantee the value of your gold. Ask who is insured and how a claim would be made.
The Financial Ombudsman Service may consider eligible complaints about regulated firms, not every SSAS, bullion or storage dispute. Give the firm an opportunity to respond first and check the applicable complaint route.
Sources and further reading
- HMRC PTM125100 — taxable property and investment-grade gold
- FCA FG13/8 — SIPP operator due diligence
- FCA — defined-benefit pension transfers
- FSCS — pension protection
- Financial Ombudsman — pension transfer complaints
- HMRC VAT Notice 701/21 — investment gold
- HMRC VAT Notice 700/57 — bullion-market arrangements
- HMRC CG78305 — coins and currency
Frequently Asked Questions
Can I hold gold coins or silver in my SIPP or SSAS?
HMRC's investment-grade gold exception is for bullion bars or wafers of at least 995/1000 purity and accepted bullion-market weight. It does not cover gold coins or silver. Provider acceptance is a separate requirement; confirm the particular investment and custody before buying.
Does HMRC require every pension gold bar to be LBMA-accredited?
LBMA refiner accreditation is not a blanket HMRC requirement in PTM125100's investment-grade gold definition. Providers can impose their own commercial acceptance and custody requirements, including LBMA-accredited refiners, and may reject a tax-qualifying bar.
Who approves and pays for a pension gold purchase?
The provider or SSAS trustees must approve the purchase first. Our provider-facing sales order is then promoted to an invoice to the pension provider on behalf of the member, with SSAS scheme billing identity retained where applicable. The provider pays; procurement follows cleared funds.
What does pension gold cost?
Ask for a current written quote covering product premium, provider fees, dealing, custody, insurance, applicable VAT and exit or resale charges. Spot prices are not executable purchase or buyback quotes. Costs vary by provider, product and arrangement.
Should I transfer an existing pension to buy gold?
This page cannot assess suitability. Transfers can lose valuable benefits and incur costs. Defined-benefit transfers give up guaranteed lifetime income and cannot be reversed; the FCA and The Pensions Regulator consider staying in a defined-benefit pension to be in most people's interests. Obtain appropriate regulated advice; advice may be mandatory.
Can I take delivery of my pension gold at retirement?
Physical delivery is not promised. Ask your administrator which benefit options the scheme allows and obtain advice on age restrictions, any sale or in-specie transfer, custody release and tax consequences before making arrangements.
Are pension gold holdings covered by FSCS or vault insurance?
FSCS eligibility depends on the failed firm and regulated activity; it does not cover normal market losses. Vault insurance is separate and subject to policy limits and exclusions. FCA, FSCS and Financial Ombudsman protections should not be assumed for every SSAS, bullion purchase or custody service.