InvestAcc Pension Administration

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SIPP Service Standards

SIPP Service Standards

We are committed to delivering a cost effective, personal and high quality pension administration service to meet the needs of all our clients.

In this document we have set out our normal service standards in working days for our SIPP arrangements. Note that we cannot guarantee we will meet our service standards.

Administration

Processing a new application –  2 days

Processing transfer forms –  2 days

Illustrations  – 1 day

Annual Review –  within 5 working days of renewal date

Valuations –  2 days

Scheme Investments – Property/Land

Agreeing suitability of property/land –  2 days

Solicitor instruction –  2 days

Surveyor instruction (if required) –  2 days

Agreeing funding and suitability of borrowing –  2 days

Lender instruction –  2 days

VAT election –  2 days

Buildings insurance (if instructed) –  2 days

Completing legal documentation –  2 days

Transferring funds for purchase –  same day and at least one working day prior to completion

Scheme Investments – Other

Suitability and funding check –  1 day

Completing documentation –  1 day

Purchase of quoted equities –  same day as soon as practically possible

Banking

Cheques Banked (i.e. contributions; transfers; rent) –  same day*

Paying out cheques and transfers –  same day

Retirement Benefit Calculation and lump sum payment –  2 days

Establishing / amending / ceasing income payment –  2 days

Pension payroll –  15th or 28th day of the month

*Whilst cheques are typically banked the same day, payments made directly to our trustee clearing account can take up to 3 working days to be identified and added to your SIPP funds. Payments with an incorrect or missing reference can take longer than this to allocate.

Note that service times generally require each step to be completed in the correct order. For instance, obtaining a valuation may take two working days, calculating benefits a further 2 working days and then setting up an income payment may take another 2 working days. Where possible we aim to shorten the overall timescales but we cannot guarantee this.