About MYSIPP
MYSIPP is an innovative pension solution that gives you flexibility and
control over your investments as you plan for your retirement. MYSIPP
allows full self-investment of your protected and non-protected rights.
Transparent charges and access to full information allow you to manage
your MYSIPP Plan with confidence.
MYSIPP provides a robust framework for you to manage your money the way
you choose, whilst ensuring you self invest with the comfort of complying
with the latest pension legislation.
If you are interested in applying for MYSIPP, or would simply like some
more information, please contact your IFA or contact us. If you are already
a MYSIPP member, please log in to access your account.
How does it work?
MYSIPP has been established as an Appropriate Personal Pension Scheme
(APPS) which provides the legal framework to enable to you to invest your
protected rights and non protected rights under the same plan.
MYSIPP Trustees Limited is the scheme trustee and is responsible for
ensuring that MYSIPP operates within the current legislation. The trustee
has appointed MYSIPP Limited to be the FSA regulated operator and scheme
administrator of MYSIPP and to administer the scheme in line with the trust
deed and scheme rules.
To join MYSIPP you need to apply to MYSIPP to become a scheme member. As
part of the application process you will appoint a Financial Adviser. You
will agree with your Financial Adviser on what they can do on your behalf
and how much they will charge you for this service.
When applying for membership you are required to nominate one or more
Fund Managers to arrange and administer investments on your behalf. Your
nominated Fund Manager(s) must agree to limit any liability to your fund
held with them on your behalf. All costs associated with these investments
will be agreed between you and the Fund Manager and are normally deducted
from your investment. The scheme administrator will enter into agreements
requiring the Fund Manager to invest in accordance with your instructions
and in line with the permitted investments as detailed in the trust deed.
The Fund Manager will also be required to report regularly to the scheme
administrator on the value of your holdings.
What will I get?
MYSIPP provides a web enabled service which enables you to access
information regarding your pension fund at any time via www.mysipponline.com.
You will be able to view your current holdings and view an up to date valuation
of your plan.
MYSIPP provides all of the regulatory reporting required for a pension scheme
and this includes an annual benefit statement which will be available via
www.mysipponline.com
MYSIPP will work with you and your financial adviser to facilitate investment
in any non-taxable investment. This includes innovative commercial property
solutions and investment in unquoted shares.
What is a 'non taxable' investment?
Pension schemes can invest in any asset. However, the Finance Act makes
distinction between taxable and non-taxable property. If the scheme invests in
'taxable property' this will create an unauthorised payment tax charge on the
member whose arrangement acquires the asset. In addition the scheme administrator
will be liable to a scheme sanction charge both on income from the taxable
assets and capital gains on their disposal.
MYSIPP will only permit members to invest in 'non-taxable' investments. Your
IFA will be able to provide more information on this area.
When the time comes to withdraw money from your pension, MYSIPP gives you the
flexibility to decide how much you will take, in what form and when you will
take the money (subject to the applicable pension legislation).
How do I join?
Agree your investment strategy and pension requirements with your Financial Adviser.
Ask your Financial Adviser to contact MYSIPP to obtain an application form and
associated literature.
Appoint a Fund Manager or if MYSIPP does not already have a relationship with
your preferred fund manager, ask your Financial Adviser to contact MYSIPP to arrange
for a Fund Manager agreement to be established (subject to conditions).
You may transfer in your holding(s) from another pension plan(s) but advice
must be sought from your Financial Adviser to establish whether this is a
suitable option for your individual circumstances.