InvestAcc Pension Administration

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SIPP Members

 

 

 

 

 

 

 

The following information should be helpful to existing SIPP members, if you have a question that isn’t answered here then please get in touch.

Frequently Asked Questions for members of SIPP schemes

If I need advice regarding my SIPP, who should I contact?

If you have a financial adviser you should speak to them. If you do not have an adviser you can find ones in your area using a service like www.unbiased.co.uk or www.findanadviser.org. We are not authorized to give you financial advice

What kind of investments can I make with my SIPP?

We publish a Permitted Investment list on our website www.investaccpensions.co.uk Note that the list of Permitted Investments is revised from time to time, and we reserve the right to add or remove investments from the list without notice. We may also decline certain investments, at our discretion.

What is the process for making investments?

Please send us the application form for the particular investment / investment account that you require, fully completed, including the amount you want to invest. Many investments will require you to sign as co-trustee of your SIPP, along with us.

What is the process for making a withdrawal?

Our pension plans are governed by Scheme Rules, which state that it is not possible to make a withdrawal from your pension scheme, unless it is to pay retirement benefits. See the Key Features brochure for more information on this, or contact your financial adviser.

If I wish to speak to you directly about the administration of my SIPP, who do I contact?

Our SIPP administration team can be contacted on 01228 538 988 during office hours (08:30 to 5:00 Monday to Friday). You can also email the team at sippadmin@investacc.co.uk

How long does it normally take for a particular transaction to be completed?

We publish a list of service standards on our website, www.investaccpensions.co.uk and we also publish a monthly service report.

What correspondence will I receive from you?

Once a year, around the time of your plan anniversary, we will send you an annual review pack which will include updated valuations, where appropriate. We may also send you additional communications from time to time to meet our regulatory requirements.

I have been appointed as a co-trustee of my SIPP. What does this mean?

As co-trustee you jointly own SIPP property, in your capacity as a trustee. You cannot directly access / withdraw any SIPP investments, as they are held on trust for the beneficiary. The scheme is governed by various Deeds and Rules which are there to ensure it can comply with HMRC’s requirements for Registered Pension Schemes.

Why are monies invested in an account with Newcastle Building Society, and why are payments in and out of the SIPP made via an account with Barclays?

Each UK resident SIPP member holds an account with Newcastle Building Society, but this is not a clearing account. For the efficient operation of payments in and out of the SIPP scheme, we use a trustee clearing account with Barclays Bank plc, through which payments are made.

If I want to make an additional payment to my SIPP, what should I do?

If this is a new payment (either an alteration to an existing regular contribution, or a one-off top up payment) then you should complete a Supplementary Contribution application. This allows us to collect certain additional information required of us by HMRC. This form is available on our website.

How do I access my online account, and what information can I see?

You will have been provided with a user id and password, which will allow you to see basic information we hold for you, plus details of your current investments and transaction history.

What is Pension Liberation?

There has been a huge increase in firms purporting to give access to pensions “early” and outside of the rules designed for UK Registered Pension Schemes. This typically involves some sort of fraud, and very high charges. Customers are usually approached by text message, where their details are sold on to firms practicing Pension Liberation, which can be a type of fraud. Tax penalties are enormous, and victims are often placed into investment schemes that can become worthless.

If you have any queries about the information on this site, and want to get in touch to ask a question then please contact us. We do not provide financial advice, but if you have a specific question of a technical or practical nature then we will do our best to answer it, without giving advice.

To speak to us, phone 01228 538 988 during office hours, 08:30 to 5:00 Monday to Friday, or send an email to one of our dedicated teams at any time:

SIPP Admin Team – sippadmin@investacc.co.uk The SIPP admin team deals with the establishment of new SIPPs, requesting transfers from other providers, issuing plan documentation, ad hoc statements and annual reviews. They also handle the paperwork for investments, and requests for benefit payments.

SIPP Accounts Team – sippaccounts@investacc.co.uk This team deals with financial transactions and payments of fees.

Property Team – property@investacc.co.uk This team is in two parts – the ‘Acquisitions Team’ handle transactions including the purchase and sale of commercial property and land, as well as in-specie transfers/contributions of property and reallocations between members funds (for both SIPP and SSAS). The ‘Post Acquisitions & Sales Team’ deal with properties already owned by our pension schemes, ensuring properties are insured, leases are in place, rental income is received and handling any sales of property.