Gold & Tax

Gold for Pensions

Gold and pensions can work together, but the rules are specific: pensions can hold gold bars in professional storage, while coins belong outside the pension, where they carry their own tax advantage.

Last reviewed September 2026

What a pension can hold

HMRC rules allow registered pension schemes to hold physical gold bullion that is at least 995 fine, provided the pension owns it directly and it is held in approved professional storage. A number of specialist SIPP providers arrange exactly this. Inside the pension, the gold benefits from the usual pension tax treatment on the way in and grows free of tax within the wrapper.

Why coins stay outside

Coins are treated as tangible moveable property under the taxable property rules, so putting them in a pension triggers heavy tax charges. That is no loss: outside the pension, UK legal tender coins are already free of Capital Gains Tax and VAT, and you can hold them in your own hands, sell them whenever you choose, and pass them on without waiting for pension access age.

A common combination

Pension gold gives tax-relieved, professionally stored exposure. Personal coins give accessible, tangible, CGT-free wealth you control completely. Many of our clients over fifty run both side by side. Your pension provider or adviser handles the bar side; we can help with the coins.

Read more: Coins vs bars · Is gold CGT free?

This page is general information, not tax, legal, pension or financial advice. Pension rules are complex and depend on your scheme and circumstances. Please speak to a qualified financial adviser before acting. The value of gold can go down as well as up.