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2025 has proved to be a great year for Self-Invested Personal Pension (SIPP) investors. Soaring stock markets have delivered exceptional capital gains. And for UK stock investors, dividends have continued to flow in, providing a healthy passive income for reinvestment or everyday living expenses.
SIPP investors have a galaxy of great dividend shares to choose from at the start of 2026. That’s even though soaring share prices have driven many dividend yields sharply lower. Serabi Gold (LSE:SRB) and Primary Health Properties (LSE:PHP) are two top income stocks I feel demand consideration in the New Year.
Want to know what makes them excellent dividend stocks?
Ambitious plans
Gold stocks are among the hottest global shares right now. Serabi Gold’s soared an incredible 193% over the last year. It doesn’t look like it’s finished, either, as sentiment around interest rate cuts, geopolitical uncertainty, and the US dollar drives precious metals skywards.
Brazil-focused Serabi is also an attractive pick for dividends in my view. It hasn’t delivered any cash rewards to shareholders as yet. But its plans to return “up to 20% to 30% of the group’s free cash flow” through share buybacks or dividends, as announced in April, suggest a passive income star in the making.
City analysts expect the gold miner to pay a maiden dividend of 11.7 US cents per share in 2025. This is tipped to soar to 15.5 cents for this year.
As a result, Serabi shares carry a healthy 3.7% dividend yield. That’s comfortably above the FTSE 100 index’s 3%. I think dividends could climb rapidly over time, too, as gold prices rise and the miner sharply ramps up production.
Of course dividends are never guaranteed. But Serabi’s strong margins soothe any fears I have, supporting its healthy cash flows.
At $1,816 an ounce, its all-in sustaining cost (AISC) is well below the current gold price of $4,315. The gap should widen further if, as I expect, bullion prices continue on their multi-year bull run.
7.5% dividend yield
While I’m confident gold prices could keep rising, a correction isn’t out of the question following 2025’s stunning gains. This could impact Serabi’s dividends as well as its share price.
For this reason, SIPP investors who prefer less risk might want to consider real estate investment trust (REIT) Primary Health Properties. This is actually a dividend stock I hold in my own portfolio.
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Under REIT rules, the company has to pay at least 90% of yearly profits from its rental operations out in dividends. This doesn’t guarantee a large dividend — after all, earnings can decline if tenants default on their rents or vacate.
But Primary Health provides significant protections against such events. It operates in the ultra-defensive medical centre sector, while almost all its rents are guaranteed by government bodies like the NHS.
A significant proportion of its rental contracts are also linked to inflation, or have fixed rent uplifts built in. This has helped it maintain a super progressive dividend policy down the years — annual payments have risen every year since the mid-1990s.
City analysts expect this run to keep going, which leaves a 7.5% dividend yield for 2026.
A focus on the property sector leaves Primary Health sensitive to interest rate rises. But on balance, I think it’s a great passive income stock for SIPP users to consider.
