Is my SIPP safe with AJ Bell?

Customer assets are ring-fenced from AJ Bell’s assets, and reconciliations are carried out on a regular basis. Money and investments you have in SIPP accounts is held subject to the trust deed and rules of the SIPP scheme. As trust assets, again they’re ring-fenced from AJ Bell’s assets, and reconciled regularly.

Who are the trustees of a SIPP?

What is a SIPP trustee? A SIPP trustee is a person or organisation that holds assets in the trust for the beneficiaries of the account. They are charged with ensuring the scheme is run properly and that the account holder’s investments are secure.

What happens to a SIPP when someone dies?

When you die, the remaining value of your pension (SIPP) can be passed on to your beneficiaries. The death benefits can either be paid to your nominated beneficiaries as a lump sum or used as an ongoing pension to provide an income and benefit from leaving the money invested in a tax efficient wrapper.

Who is the legal owner of a SIPP?

The reality is that it is the Sipp that owns and has responsibility for any property held within a Sipp scheme. Forgetting this important distinction can not only land the Sipp-holder in strife with the Sipp provider, but can also throw up potential difficulties when the client comes to retire.

What happens to my SIPP when I am 75?

Any funds remaining in your SIPP will be passed on tax-free if you die before the age of 75, or subject to tax if you are over 75. How are SIPP death benefits paid? Your beneficiaries can decide whether they would like to receive their benefits as a lump sum, or draw an income from the fund.

Is AJ Bell FSCS?

Your cash is protected under the FCA rules, and covered by the Financial Services Compensation Scheme, up to certain limits. We reconcile cash to our customer records every day, and have procedures and controls in place for all cash transactions and balances. Learn how the FSCS protects cash you hold with us.

Do pension fund trustees get paid?

Schemes have always paid professional (independent) trustees and, as the two charts below show, schemes are continuing to pay other trustees, in particular pensioner members, so that overall 93% of schemes are paying at least one trustee for their services, compared with only 71% in 2007.

Can I put my pension in a trust?

Retirement plans themselves cannot be transferred into a trust; those assets must be distributed from the plan first, which triggers income tax on the distribution. If you are older than 72 when you die, money generally must come out of your retirement plan according to the schedule that was required before your death.

What happens to a SIPP at age 75?

If a client dies before the age of 75, there is no tax to pay on the payment of death benefits from the SIPP, whether this is taken as income or the whole fund is withdrawn as a lump sum. If your client dies after the age of 75, any death benefits paid from the SIPP are taxed at the recipient’s marginal tax rate.

Can I transfer my SIPP to my wife?

The short answer is no, you can’t transfer your pension into your wife’s name. The only way your wife can get a share of your pension pot is if you were to get divorced, in which case she could claim a percentage of your pension and move it to another fund, but understandably few people want to go to such lengths!

Can I buy a property with a SIPP?

Buying residential property using SIPP funds Your SIPP can buy properties using mortgage financing, and can also buy shares of a property that owns properties in a SIPP in conjunction with other SIPPs. However, you can only borrow up to 50% of the property’s value.

Is a SIPP registered with HMRC?

A self-invested personal pension (SIPP) is the name given to the type of UK government-approved personal pension scheme, which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs (HMRC).

What is an AJ Bell platinum SIPP?

AJ Bell Platinum SIPPs are established as a trust, with you and AJ Bell (PP) Trustees Limited appointed as its trustees. You can choose any UK authorised investment manager to run the SIPP for you, or you can manage the investments yourself. Each Platinum SIPP has a dedicated administration team and access to our consultants.

Who is the SIPP provider?

The SIPP is provided by AJ Bell – a leading provider of trustee and administration services for Self-Invested Personal Pensions.

Can a SIPP invest in commercial property in the UK?

The property. The trustees of a SIPP can purchase commercial property in the UK. Typical properties for SIPP investment include offi ces, industrial and retail units. The property can be freehold or leasehold, but leasehold properties must have a minimum unexpired term of 50 years.

Why choose eacheach platinum SIPP?

Each Platinum SIPP has a dedicated administration team and access to our consultants. Your SIPP can invest in UK commercial property, which can then be leased to a third party, or back to your own business at a commercial rent.