Self Invested Personal Pension (SIPP)
A Self Invested Personal Pension (SIPP) is a form of personal pension that allows you to manage and choose your own investments or have an authorised manager do this on your behalf. They are effectively the SSAS equivalent for the self-employed, partnership or an employee wishing to maintain their own pension.
Who is a SIPP suitable for?
Many people choose a SIPP as it gives them more control over their investment decisions and where those investments are made.
A SIPP could be ideal if you:
- Want a wider range of investment options
- Have a larger pension pot or will be making significant pension contributions
- Have multiple pensions and wish to consolidate them
- Have a financial adviser making decisions on your behalf
- Wish to keep your money invested after retirement to draw down an income
If you think a SIPP is suitable for you or your client, or if you have questions about our pension options please get in touch.
The advantages of a SIPP
A SIPP comes with a whole host of benefits including:
- Flexible contributions including Income Tax relief (and Corporation Tax and National Insurance relief on company contributions)
- Ability to receive pension transfers
- Commercial property purchase (individual SIPPs may combine for this)
- Borrowing for property purchase
- Residential property Collective Investment Schemes
- Purchase of unquoted shares
- Investment control
- Flexible retirement options
SIPP tax relief
Tax relief is a major benefit of a SIPP for many investors. Due to the tax-exempt status of the Westerby SIPP, most investments will be free of UK income and capital gains tax. When paying into your SIPP, you may also receive tax relief proportionate with your income tax level.
One of the biggest draws of a SIPP is that you have much greater choice of how your money is invested compared to other pensions. The Westerby SIPP allows you, your financial adviser or fund manager to choose from a wide range of investments. These can include commercial property, stocks and shares, unit trusts, OEICs, insurance company-managed funds, gold bullion and, where appropriate to your investment experience and financial situation, higher risk investments such as unlisted shares and loan notes.
Why choose Westerby The Pension Specialist as your SIPP provider?
Westerby are specialist providers of trusteeship and administration services for SIPPs and are one of only a small number of independent trustees who offer their own SIPP plans. Established in 1996, we have over 20 years of experience providing the best service for our clients.
Our Full SIPP has a Defaqto rating of 5 Stars, making it one of the highest quality offerings in the market.
Your SIPP trustees
Westerby provide a comprehensive Professional Trusteeship and administration service to operate a SIPP effectively and efficiently.
- Compliance with all applicable pension legislation and regulation
- Arranging pension transfers
- Reclaiming tax relief on your contributions
- Arranging investments
- Benefit calculations and pension payments
- Annual reports
- Online access to your policy record
You will be a trustee of your individual SIPP, and all investments are held jointly by you and Westerby The Pension Specialist Limited.
Solo SIPP – Self Invested Personal Pension
Westerby has a low-cost SIPP which we have branded our SOLO SIPP. Recognising that not all investors wish to have access to all investment types available through a full SIPP, the SOLO SIPP allows a single investment into one fund or fund platform of your choice, one insurance company Trustee Investment Plan, one gold bullion account from our approved panel or an investment with one Discretionary Fund Manager from our selected panel.
Based on this single investment strategy the investor benefits from lower SIPP administration charges, both initial and annual, and retains the right to convert into a full SIPP at any point in the future at which full SIPP charges would be payable.
Full details about our SIPP accounts, including fees and information for Financial Advisers, can be found in our document library.