About MYSIPP
MYSIPP offers three types of SIPPs:
MYSIPP has been established as an Appropriate Personal Pension Scheme
(APPS) which provides the legal framework to enable you to invest your
protected rights and non-protected rights under the same plan. For more
information on mysipp:
Full SIPP
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 online access to
information allow you to manage your MYSIPP plan with confidence.
MYSIPP provides an efficient and 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.
How mysipp works
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 Attivo Financial Services
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.
When applying for membership you are required to nominate one or more Fund Managers
to arrange and administer investments on your behalf. The trustee will enter into
any necessary agreements with the chosen Fund Manager and all investments not held
in nominee names must be registered in the name of the trustee. The trustee will
insist on limiting its liability and any liability of the Operator to the value of
the part of your fund invested with a particular Fund Manager. 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 mysipp gives you
MYSIPP provides a web service which enables you to access information regarding
your pension fund at any time via www.mysipp.com. You will be able to view
your current holdings, contribution and transfer history, your bank account transactions
and view an up to date valuation of your plan. Each year we will send you an annual
summary of your account.
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).
MYSIPP will work with you and your independent financial adviser (IFA) to facilitate investment in
any non-taxable asset. This includes innovative commercial property solutions
and investment in unquoted shares.
What assets you can invest in
Pension schemes can invest in any asset. However legislation makes a distinction between
taxable and non-taxable asset. If the scheme invests in taxable assets 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 assets. Your IFA
will be able to provide more information on this area.
How to join?
Agree your investment strategy and pension requirements with your IFA and then ask them 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.