Westerby Trustee Services Ltd
Group SIPP

Westerby also offer a Group SIPP facility which can be ideal for joint property purchases or syndicates.

Although the fees for setting up a Group SIPP are similar to an individual SIPP, there are a number of advantages of setting up a Group SIPP, including :-

• Reduced paperwork required for any investments made i.e. only one set of forms for the group SIPP members.

• Ability to open both individual and joint bank accounts – this allows individual members to have their transfers and contributions paid directly into their own account within the Group SIPP. Any combined purchases can be made by transferring funds to the joint bank account held by all the members.

• Not all members have to be authorised signatories on the joint account.

• There are potential gearing benefits available – for example if four members each have £100,000 in pension funds, there is the possibility for one or more of the them to borrow a maximum of £200,000 (50% of the total value of the Group SIPP) for the purchase of commercial property (or any other investment), providing they have prior agreement from the other members. If this was set up as an Individual SIPP the maximum borrowing would be £50,000.

If you are interested in finding out more about our Group SIPP facility, please use the enquiry form in the Contact Us section of the website or alternatively give us a call.