Is a SIPP suitable for me?

A SIPP could be right for you if you

  • are looking to build up a pension fund in a tax-efficient way
  • understand that growth is not guaranteed
  • are prepared to commit to having your money tied up, normally until at least age 55 and
  • require access to wider investment opportunities, such as investment in a portfolio of listed stocks and shares.

It may not be suitable if you

  • want unrestricted access to your money, or
  • are only likely to require access to a more limited range of fund management type investments, such as those available under insurance company personal pension or stakeholder pension plans, or wish to invest directly into assets, such as commercial property, that are not available through our SIPP.

If you are unsure whether the Beaufort SIPP is the right pension product for you, you should seek advice from an independent financial practitioner.

Who is eligible for a SIPP?

You are eligible for a SIPP if you are resident in the UK. If you are resident overseas you can set up a SIPP for the purposes of transferring benefits from a UK registered pension scheme.

Is a SIPP a stakeholder pension?

No. Stakeholder pensions are relatively simple pension plans, with limited investment options (relative to a SIPP), for which the Government has set minimum standards to be met by providers covering areas such as charges, minimum payment levels and terms and conditions.

Stakeholder pensions are widely available and may meet your needs at least as well as a SIPP. If you are unsure whether the Beaufort SIPP is the right pension product for you, you should seek advice from an independent financial practitioner.

Can I hold a SIPP alongside other forms of pension?

Yes. For tax relief purposes, you will need to take care not to contribute more than your personal contribution limit and the annual allowance across all the pensions you hold.

How do I apply for the Beaufort SIPP?

Before applying you must first read the Key Features and the Terms and Conditions of the Beaufort SIPP.

Once you have read and understood these documents, you can apply for a Beaufort SIPP via our online application form.

What can I invest in through a Beaufort SIPP?

The Beaufort SIPP allows you to invest in a vast range of investment opportunities, including:

  • Equities listed on LSE, AIM or an HMRC recognised overseas exchange
  • Corporate bonds
  • Investment Trusts
  • OEICs
  • PIBs
  • REITs

Is it possible to open a SIPP in joint names?

No. The Beaufort SIPP must be held in a single name.

Can I open a Beaufort SIPP for my child/grandchild?

We regret that a Beaufort SIPP cannot currently be opened on behalf of a child or grandchild.

Do I have to decide where I invest my money straightaway?

No, you can hold all or part of your funds in cash until you are ready to invest them. However you will not receive interest on any uninvested cash in your Beaufort SIPP investment account.

Is there a minimum contribution?

You do not have to make any contributions to your SIPP if you are transferring from another pension scheme.

If you want to make a regular monthly contribution, there is currently no minimum level.

Can I change my investments?

Yes. A SIPP gives you the flexibility to choose and change your investments when you want simply by instructing your Beaufort broker.

How can I buy or sell the investments in my SIPP?

To buy or sell the investments in your SIPP, you simply need to contact your Beaufort broker who will execute transactions on your account on your behalf at our standard advisory commission rates.

How can I pay money into my SIPP?

Contributions made to your SIPP can be made via direct bank transfer to your SIPP bank account, standing order or via a cheque.

How are dividends paid on the investments in my SIPP?

Any dividends that you may receive from your investments will be paid into the cash balance of your SIPP investment account. You are then free to choose what to do with the dividend payment. You may leave in your cash account, or reinvest it.

Can I transfer my existing pension into my Beaufort SIPP?

You can normally transfer the following types of pension into a SIPP

  • Personal Pension Plan, Stakeholder Pension Plan, Retirement Annuity Contract
  • other SIPPs, FSAVC (Free Standing Additional Voluntary Contribution plan)
  • EPP (Executive Pension Plan) and
  • most paid up Occupational Money Purchase Plans.

We do not charge for transferring a pension into your SIPP.

It is your responsibility to ensure a transfer of an existing pension is in your best interests. Consequently you should consider taking advice from a suitably qualified financial advisor. We do not provide advice. Our acceptance of a transfer is in no way an endorsement of the suitability for you of the transfer

Can I transfer an occupational pension to a Beaufort SIPP?

Yes, our SIPP can accept transfers from Free Standing AVCs (FSAVCs), most paid-up money purchase occupational schemes, and Executive Pension Plans (EPPs). We can accept transfers of other occupational schemes but may require that you take advice from an independent financial practitioner.

It is your responsibility to ensure a transfer of an existing pension is in your best interests. Consequently you should consider taking advice from a suitably qualified financial advisor. We do not provide advice. Our acceptance of a transfer is in no way an endorsement of the suitability for you of the transfer

Can my employer contribute to my SIPP on my behalf?

Yes, they can contribute by standing order, cheque or by bank transfer (BACS). Employer contributions are paid gross, so basic rate tax relief is not deducted from the amount they contribute.

Can I withdraw my money at any time?

No. Once invested in a pension you cannot withdraw those funds until your 55th birthday. You will normally be able to take up to 25% of the fund as a tax free lump sum and use the remainder to provide a retirement income which will be subject to tax.

There are 2 ways that you can do this – through a flexi-access drawdown or an uncrystallised funds pension lump sum.

Can I transfer out to another pension?

You can transfer out the value of your SIPP to another UK registered pension scheme, or qualifying recognised overseas pension scheme (QROPS), at any time. If you would like to transfer out then please telephone the Beaufort SIPP Administration Team on 01722 713912.

If you have started taking benefits from your SIPP, then you must transfer the whole of that part of your fund from which you are drawing benefits to your new scheme. If you have uncrystallised funds under the SIPP (i.e. no benefits have commenced) you can choose to transfer all, or only a part of those uncrystallised funds to another pension scheme.

If the transfer is to QROPS, a check against your lifetime allowance must be carried out before the transfer payment is made. So it is possible that a lifetime allowance charge may apply.

The transfer can be in the form of a cash payment, in which case you will have to sell all of the investments held under your SIPP before the transfer is completed, or you may be able to transfer them in their existing form (known as an “in-specie transfer”).

What are the costs associated with setting up and managing a Beaufort SIPP?

The costs associated with setting up and managing the Beaufort SIPP are detailed in Section 20 (Page 9) of the Beaufort SIPP Terms & Conditions. We charge a flat rate annual management fee of £165 plus VAT, with £75 plus VAT per transfer.

What does ‘taking benefits’ mean?

At any time after your 55th birthday, you can start to use the money invested in your SIPP to provide you with benefits either in the form of a lump sum and/or an income.

There are 2 ways that you can do this – through a flexi-access drawdown or an uncrystallised funds pension lump sum.

Before you decide on your income options, you have the opportunity to take a tax-free lump sum – also known as the “pension commencement lump sum”. The value of this can be up to the lower of

  • 25% of the value of the fund used to provide benefits and
  • 25% of your unused lifetime allowance.

If you have protected lump sum rights, then you may be entitled to a larger tax-free lump sum.

What is an annuity?

From your 55th birthday you can choose to use the money held in your SIPP to provide you with an income in a variety of ways. One of these options is to buy a lifetime annuity.

A lifetime annuity is a regular, taxable, income guaranteed to last you for life. Buying a lifetime annuity involves passing the value of your SIPP to the insurance company of your choice. The insurance company is then responsible for arranging the payment of your income and for deductions of income tax.

The amount you receive will depend on your age, whether you are male or female, the size of your pension fund and, in some circumstances, the state of your health.

If you buy an annuity, you will usually stop having any further involvement with the investment of your pension fund. This may be the right option if security of income is an important issue.

What is Flexi-Access Drawdown

This allows you to take up to 100% of your fund with the first 25% usually tax free and the balance in the form of an income which will be taxed at your marginal rate.

What is Uncrystallised Funds Pension Lump Sum

This allows you to take a partial withdrawal with the first 25% usually tax free and the balance paid as a single payment subject to tax at your marginal rate.

What happens in the event of my death?

Death benefits payable from your SIPP
Death benefits will normally be paid as a lump sum but may be applied to provide pension benefits for a spouse, civil partner or dependant, either providing an income or by annuity purchase. Death benefits are payable at the discretion of Gaudi Regulated Services Limited, as the Scheme Administrator, of your SIPP. You may nominate the individuals you wish to receive benefits and your wishes will be taken into account. You may complete a new nomination at any time.

Lump sums paid on death are normally free of any Inheritance Tax (IHT) but we cannot guarantee that this will be the case. Lump sum benefits in the event of death before 75 are generally not subject to tax. After 75 lump sum payments are subject to tax at 45% and any income is subject to tax at the recipients marginal tax rate.

Lifetime annuity
The benefits payable, if any, will be determined by the terms of the annuity contract.

What are the terms and conditions of the Beaufort SIPP?

You can read the Beaufort SIPP Terms & Conditions here.

Can I cancel my SIPP if I change my mind?

You have a legal right to cancel your SIPP, if you change your mind. If you wish to cancel you must do so within 30 days of the date you receive our letter confirming the establishment of your SIPP.

Cancellation rights will also apply to the receipt of transfer payments and on the first occasion that you choose to take income drawdown. You will have 30 days from the date that you receive our letter acknowledging the transfer or establishing the drawdown to exercise your right to cancel.

You may exercise your right to cancel by writing to us at

Beaufort SIPP Administration
2 Oakridge Office Park
Whaddon
Salisbury
SP5 3HT

Telephone: 01722 713912
Fax: 01722 711898
Email: [email protected]

quoting your name and SIPP reference number.

Further information about your cancellation rights is included in the Beaufort SIPP Terms & Conditions (Section 8, Page 5).

Is the Beaufort SIPP covered by the Financial Services Compensation Scheme?

Yes. The Financial Services Compensation Scheme (FSCS) has been set up to deal with compensation, if firms are unable to meet claims made against them.

For bank deposits the maximum claim that could be made by your SIPP is £85,000. If Beaufort Securities Ltd ceased trading, the FSCS could award up to £50,000 in compensation to any one investor where they decide that an investment business was in default and unable to satisfy any claims against it.

Further information about the compensation arrangements is available from the Financial Services Compensation Scheme at www.fscs.org.uk .

What advice can you give me?

We are not authorised to provide any advice on tax or pension-related matters. If you need tax or pension advice you should seek advice from an independent financial practitioner. Your adviser will give you details about the cost of advice.

Your Beaufort broker is authorised to advise you on the investments you choose to make within your SIPP.

The government has introduced a free and impartial service to help you understand what your choices are with regards to drawing benefits and how they work. This service can be accessed at www.pensionwise.gov.uk and you can talk to an impartial guidance specialist on the phone or face to face.

Who operates the Beaufort SIPP?

The administrator of the Beaufort SIPP is Gaudi Regulated Services Limited.

The trustees of the Beaufort SIPP are Gaudi Trustees Limited and the Operator is Gaudi Regulated Services Limited.

The address of the administrator is:

Beaufort SIPP Administration
2 Oakridge Office Park
Whaddon
Salisbury
Wiltshire
SP5 3HT

Telephone: 01722 713912
Fax: 01722 711898
Email: [email protected]

The Beaufort SIPP is operated and administered by Gaudi Regulated Services Limited who is authorised and regulated by the Financial Conduct Authority. Their FCA Registration Number is 488015.

What do I do if I wish to complain?

You can address any complaints about our services by email or via our website or in writing, to the Chief Operating Officer, at the address shown below. The complaint will be dealt with in line with our complaints procedure, a copy of which is available on request.

Beaufort SIPP Administration
2 Oakridge Office Park
Whaddon
Salisbury
SP5 3HT

If the matter is not dealt with to your satisfaction, you can write to:

The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR

Alternatively, you can write to the Pensions Ombudsman:

The Office of the Pensions Ombudsman
11 Belgrave Road
London
SW1V 1RB

Making a complaint will not prejudice your right to take legal proceedings.

Important information – A SIPP, or Self Invested Personal Pension, is a type of pension for people happy to make their own investment decisions. Investments go down in value as well as up so you could get back less than you invest. The rules mentioned are those currently applying and could change in the future. You can normally only access the money from age 55. Tax relief depend on your personal circumstances. This information published on this website does not constitute personal advice. If you are unsure whether the Beaufort SIPP is the right pension product for you, you should seek advice from an independent financial practitioner using by submitting the form above.