A Self-Invested Personal Pension (known as a SIPP) is a type of pension scheme which allows you to make your own investment decisions.
The Close SIPP provides you with a means of saving for your retirement and should be seen as a long term investment. It allows you to choose where you want your retirement savings to be invested, instead of leaving a pension company to make the decisions and can also provide you with an income once you reach retirement.
Please note that any tax benefits will depend on your personal tax position and rules are subject to change. The value of investments can go up as well as down and you may get back less than you invested.
If you are already a Self-Directed client, to open a SIPP, please complete, sign, scan and send this form to us at firstname.lastname@example.org from your registered email address. If you do not have access to a printer and/ or scanner, please contact us to discuss how we can accept your instruction.
We offer clear and competitive pricing with no hidden costs or charges.
*The transferring provider may make a charge for transferring investments or cash proceeds to Close Brothers Asset Management.
Invest in a wide choice of investments with our Close SIPP:
Our online portal is easy to use and accessible at any time and will allow you to create a more detailed view of your wealth by adding assets or debts not held with us.
*If you choose to transfer an existing pension to us when you open your SIPP account, we can now transfer most pensions without having to exchange paperwork with your current provider. This should reduce transfer time and save you from completing more forms. We’ll automatically check if your policy can be transferred this way - if it is one of the few that cannot, we will write to your current provider. You’ll be kept up to date with the progress of your SIPP transfer with notifications in your online document library.
Take advantage of the free access to our expertise and view our in-house research, analysis and insights which are easy-to-understand, whether you are an experienced investor or just getting started.
Our investment team are constantly trading in the markets and managing the portfolios of thousands of investors across the UK.
Our UK-based support team are on hand to help via phone or email. If you have questions about your account, please contact our dedicated Investor Support Team who are available 8am - 6pm, Monday to Friday, excluding public holidays.
Remember, the value of investments can go down as well as up, and you may get back less than you invest.
UK residents under 75 can pay in as much as they want to a SIPP. You can receive tax relief on contributions up to £3,600 or 100% of your relevant UK earnings (whichever is greater), subject to the Annual Allowance which is £60,000 for most people. If you have any unused allowance from previous years, you may be able to pay in more than £60,000.
|Set up account||Nil|
|Annual administration fee||£150 + VAT|
|Contributions into your account||Nil|
|On-going platform fee – deducted monthly||A competitive platform fee that starts at 0.25% and reduces in tiers to 0% depending on the amount you and your family invest (based on the value of your investments, excluding cash).|
|Buying, selling or switching Unit Trusts or OEICs||Nil|
|Buying, selling or switching Exchange Traded Investments||To the extent that we charge a dealing fee, this will not exceed £8.95.|
If you don’t already have a SIPP or you would like to transfer your current SIPP, why not open a Close SIPP and benefit from our low cost investment platform. Transferring is easy and our support team are here to help. Please note, you do not need to sell your holdings in order to transfer them to us.
Use our search tool to see which of your existing investments can be transferred to us.
Once you’ve opened a SIPP, you will need to complete a SIPP transfer form to initiate a transfer from another provider. This can be found below or in your document library under ‘Important information and forms’ when you log in.
If you are already a Self-Directed client, to transfer a SIPP to us, please complete, sign, scan and send this form to us at email@example.com from your registered email address. If you do not have access to a printer and/ or scanner, please contact us to discuss how we can accept your instruction.
The Close SIPP allows you to build up a lump sum which can then be used to provide you with an income when you retire. It allows you to choose where you want your retirement savings to be invested, instead of leaving a pension company to make the decisions. You can hold a wide variety of investments in a SIPP and only eligible investments will be made available to you when investing online in a Close SIPP.
If you are a UK resident, the maximum amount of contributions on which you can obtain tax relief is the greater of £3,600 p.a. or 100% of your relevant UK earnings, subject to the Annual Allowance set by HM Revenue & Customs (currently £60,000, including both member and employer contributions across all arrangements). Where your total contributions exceed the Annual Allowance, an Annual Allowance charge may be levied on the excess.
*For a better understand of the risks involved with SIPPs, please see our Self Directed Service Key Features and Charges document.
Yes – you can open a Close SIPP to receive transfers of benefits from other pension arrangements you have. Examples of these include SIPPs, Personal or Stakeholder Plans, Occupational schemes (including EPP’s and SSAS’s) or Retirement Annuity Contracts. The Close SIPP can accept transfers in drawdown whether partially or fully crystallised. If you are looking to take an income from your Close SIPP once in drawdown, this can be accommodated. We are unable to accept transfers in from Defined Benefits Schemes or Recognised Overseas Pension Schemes (ROPS).
Although there is no limit on the level of contributions that you or your employer can make to your Close SIPP, consideration needs to be taken as to whether the contribution will qualify for tax relief purposes. Under current legislation if you are a UK resident and have UK relevant earnings, your contributions qualify for tax relief at the highest rate you pay. The maximum amount of contributions on which you can obtain tax relief in any given tax year is the greater of £3,600 and 100% of your relevant UK earnings. Total contributions for tax relief purposes are also restricted to the Annual Allowance. The Annual Allowance is an annual limit set by HMRC. The current Annual Allowance is £60,000. Where total pension contributions exceed the Annual Allowance for a tax year, an Annual Allowance charge will be charged at your marginal rate of income tax on the excess above the Annual Allowance. If you exceed the Annual Allowance, you may be able to carry forward any unused allowance from up to three previous tax years.
Contributions to the Close SIPP can be made in the form of a single one-off payment or by way of regular contributions via Direct Debit. Regular contributions can be made on any date between the 1st and 28th of the month. Member contributions should be made net of basic rate tax. Employer contributions should be paid gross. The payment must be accompanied by a Close SIPP Employer Contribution Form. No contributions are accepted after age 75.
There is no set up fee and we do not charge a fee for transfers in or contributions. However an annual administration fee applies to the Close SIPP.
You will normally be entitled to a tax free lump sum known as a Pension Commencement Lump Sum (PCLS) from the SIPP. The maximum amount that can be taken as a PCLS is 25% of the current lifetime allowance of £1,073,100 unless you hold valid LTA or PCLS protection.
The remainder of your fund after the PCLS has been paid will be used to provide you with an income either by way of Capped Drawdown or Flexi-Access Drawdown. Please note that Capped Drawdown is only available if you have accessed Capped Drawdown before 6 April 2015. Income payments from your Close SIPP will be subject to PAYE income tax. When you first start drawing an income from your Close SIPP, HMRC rules state that we must use an emergency tax code until formal notification is received from them. We will notify HMRC when you receive your first income payment from your Close SIPP and they will then advise us of the correct tax code to use for future payments.
Yes – the Close SIPP can accommodate UFPLS payments. A Close SIPP Uncrystallised Funds Pension Lump Sum Request Form will need to be completed. Once you have taken a UFPLS payment from your SIPP, the money purchase Annual Allowance Rules will then apply. The current MPAA limit is £10,000 per annum.
The first 25% of each payment is paid tax free. The remaining 75% of the payment will be subject to Income Tax at your highest rate. As above, we will use an emergency tax code until we receive formal notification from HMRC of the correct tax code to use for any future payments.
To set up a drawdown pension the fee is £50 plus VAT. A £50 plus VAT fee is charged for UFPLS payments. This is charged each time a UFPLS payment is made. The fee for reviewing income limits under Capped Drawdown is £75 plus VAT. The limits will be reviewed every 3 years for those aged 75 or under and annually after age 75. This fee is charged regardless of whether you are taking income or not from your Capped Drawdown arrangement.
Under the Close SIPP, you can nominate beneficiaries of death benefits which you would like the Trustees to consider before making any payment. This nomination can be changed at any time. On death, the beneficiary or beneficiaries can elect to:
Any combination of these options can be taken. If you are under age 75 at the date of death, no matter which option(s) is taken there will not currently be any income tax to pay as long as the funds are designated to the beneficiary or beneficiaries within two years of the date of notification of your death. These options can be taken regardless of whether the funds have been crystallised or not. If you are over age 75 at the date of death, the same options can be taken, however any payments will be taxed at the recipient’s marginal rate of tax. If on the death of a beneficiary some of the pension fund remains, this can be passed onto other beneficiaries in the same manner. The tax position will depend on the age of the beneficiary at their date of death.
Before you invest, make sure you feel comfortable with the level of risk you take. Investments aim to grow your money, but they might lose it too.