Frequently Asked Questions
1. Does the IPS SIPP allow the purchase of commercial property?
Yes. The IPS SIPP allows the full spectrum of investments in line with HMRC rules. However, should you be unsure as to whether an investment is permitted, please refer to our Property Guidelines or contact us to speak with your Business Development Manager.
2. Is it possible for me to purchase a part holding of a commercial property?
Yes. The IPS SIPP allows joint property ownership. Please refer to our Property Guidelines for further details.
3. Does the IPS SIPP allow the purchase of overseas property?
Yes. Please refer to our Property Guidelines and Overseas Property Guidelines for further details or contact us to speak with your Business Development Manager.
4. Do you have a recommended solicitor?
No. We allow you to appoint any solicitor in the market place. This enables you to find either the best deal, use a legal professional you are familiar with or in some instances, both!
5. Do you offer legal advice?
No, under no circumstances do we offer legal advice. We are not qualified or authorised to give legal advice and any comments made by us are based solely on our understanding of the HMRC rules at the given time
6. How much does the IPS SIPP cost?
The initial fee is £495 plus VAT. The annual administration fee is £395 plus VAT charged in arrears, the first year's fee payable at the end of year one. A schedule of all fees can be found in our SIPP Fee Schedule.
7. Can fees be settled from the SIPP bank account?
Fees will automatically be taken from the IPS SIPP cash account provided sufficient funds are available. Where this is not possible, we will invoice you directly.
8. What forms should I complete?
9. Will you accept a scanned or faxed copy of your application?
We cannot process your application until we are in receipt of the fully signed original application.
10. Can I transfer-in my existing pension plan?
Yes. The IPS SIPP accepts transfers of existing pension scheme funds held in a Registered Pension Scheme or Qualifying Recognised Overseas Pension Scheme.
Where a transfer originates from a final salary, defined benefit scheme you must arrange this through your financial adviser. If you do not already have an independent financial adviser, information can be obtained from www.unbiased.co.uk or telephone 0800 085 3250.
11. Can I change my investments once the SIPP has been established?
Yes. You can disinvest monies and reinvest them at your will.
12. Do you require a minimum balance to be held in the SIPP cash account?
No. There is no minimum balance required for the SIPP cash account.
13. How long will it take before the tax relief on my contribution is received?
Tax relief is normally received around six to nine weeks after the contribution has been made. This must be considered where the tax relief is required to fund a particular investment.
14. Do I need a separate SIPP to hold Protected Rights?
No. The IPS SIPP allows Protected Rights monies to be held within the same arrangement as Non-Protected Rights. In addition, both Protected and Non-Protected Rights funds can be pooled to fund investments within the IPS SIPP.
15. Do I need to take financial advice?
We strongly suggest that you seek advice before making any investment decisions. If you do not already have an independent financial adviser, information can be obtained from www.unbiased.co.uk or telephone 0800 085 3250.
If you are considering submitting an application for an IPS pension product, please refer to our home page for guidance.
16. Can remuneration be paid to my Independent Financial Adviser from the IPS SIPP?
Yes. We would require written authority from you authorising the payment. Your Independent Financial Adviser would then have to invoice us for the remuneration. Where this is based on a value of the fund, your IFA must provide evidence of the value of the SIPP.
For ease, your adviser's remuneration can be agreed and disclosed within the SIPP Application Form.
17. Am I also a Trustee of the SIPP?
You are appointed a co-trustee of your SIPP with PAL Trustees Limited as Professional Trustee. This gives you co-ownership and control of your SIPP funds and investments.
18. Will I get stuck in long telephone queues trying to contact a faceless call centre, either at home or abroad?
No. We believe that it is impossible for call centre staff to have an understanding of your SIPP from cradle to grave. Therefore, once the SIPP is established you will be given a designated Account Executive who will deal with the day-to-day administration of your SIPP. This way you will have a single point of contact. Should you require them, we can also provide you with the contact details of the Administration Manager and Chief Operating Officer. If you are an Independent Financial Adviser you will also be given a designated Business Development Manager.