What is a SIPP?

SIPP stands for Self-invested Personal Pension. A SIPP is a type of personal pension and is designed to provide an income in later life. You make contributions into SIPPs and receive tax relief in the same way as other pensions. The key difference is that you get much greater control over saving for retirement because a SIPP gives you more freedom to choose how to invest your retirement savings and manage them over time. Click here to read our SIPP FAQs in full.

Is a SIPP right for me?

SIPPs can be the ideal pension choice for those who want to take control of their investments in order to build a future income. You don’t need a huge pension fund to benefit from a SIPP. While SIPPs suit those keen to manage their own money, the Beaufort SIPP also gives you full access to your very own dedicated broker, on hand to offer you investment advice on your activity within your SIPP.

SIPPs are not suitable for everyone. If you don’t want to invest across different asset classes or don’t think you will make use of the investment choices that SIPPs give you then a SIPP might not be right for you. If you are unsure whether the Beaufort SIPP is the right pension product for you, you should seek advice from an independent financial practitioner.

Why choose the Beaufort SIPP?

 

  A Wide Choice of Investments

Within the Beaufort SIPP you can choose to invest in a full range of more than 2,000 funds as well as exchange-traded funds (ETFs) and individual shares trading on international markets

 

  Investment Advice

Direct access to your own personal broker by telephone for the latest advice and opportunities. Your broker will advise you on your pension investments ensuring that recommendations meet your objectives and circumstances.

 

  Control over your investments

The opportunity to create your own personal retirement plan, with 24/7 access to the current value of all of your pension investments via our online platform, alongside your other non-SIPP Beaufort investment accounts.

 

  Great Value

The Beaufort SIPP carries a very competitive annual fee of £165 plus VAT, with a £75 plus VAT charge per transfer but no additional set-up fees.

 

Important Documentation

Before you apply, please ensure you have read and understood the Beaufort SIPP Key Features and the Beaufort SIPP Terms & Conditions available below.

You will also need to have the following information to hand before you start the application process.

  • Your National Insurance Number
  • Your Email Address
  • If transferring, the name and address of the transferring scheme as well as the policy number and an estimate of the current value
The Beaufort SIPP is administered by Gaudi Regulated Services Limited, who are responsible for the administration and management of the SIPP. Investment advice and dealing services within the SIPP are provided by Beaufort Securities Limited and by applying for a Beaufort SIPP you are also agreeing to the Beaufort Securities Terms of Business

 

Click here to find answers to some Frequently Asked Questions relating to the Beaufort SIPP.

Clicking the 'Apply Now' button below will open the Beaufort SIPP application form in a new window. Please be aware that you may need to allow a pop-up window to open if you use the pop-up blocking facility in your browser in order to access the form.

 

 

 

SIPP Tax Benefits

Pensions, such as a SIPP, are one of the most tax efficient ways of saving for retirement. Investments in SIPPs grow free from Capital Gains Tax and Income Tax. You are entitled to take up to 25% of the value of your pension as a lump sum when you retire (anytime from age 55) and if you die before taking any benefits from your SIPP any payment will normally not be subject to inheritance tax.

You also receive tax relief on pension contributions (up to 45% for additional rate tax payers), which means money you invest gets an automatic boost from the taxman. How much tax relief you can claim will depend on your personal circumstances. The examples outlined below are for illustrative purposes only.

 

Basic Rate: 20%

 

If you invest £8,000 (net) in a SIPP, the government automatically adds £2,000 (20%) basic rate tax relief increasing your total contribution to £10,000 (gross).

 

 

 

 

 

Higher Rate: 40%

 

If you invest £8,000 (net) in a SIPP, the government automatically adds £2,000 (20%) basic rate tax relief. You can claim back up to a further £2,000 (20%) higher rate tax relief via your tax return. £10,000 (gross) in a SIPP could therefore only cost you £6,000 (net).

 

 

 

 

 

Additional Rate: 45%

 

If you invest £8,000 (net) in a SIPP, the government automatically adds £2,000 (20%) basic rate tax relief. You can claim back up to a further £2,500 (25%) higher and additional rate tax relief via your tax return. £10,000 (gross) in a SIPP could therefore only cost you £5,500 (net).

 

 

 

 

 

No Tax: 0%

 

If you have no earnings (e.g. retired persons, non-working spouses or children) it is still possible to contribute up to £3,600 gross each tax year to a pension and receive 20% tax relief.

If you contribute the full £3,600, the government will pay £720 in tax relief, reducing the amount you pay to just £2,880.

 

 

 

 

 

 

You are free to spend the higher/additonal rate tax you receive back as you wish. However, if you reinvest it in your SIPP you can receive a further round of tax relief on that sum.

You must pay sufficient tax at the higher rate to claim the full higher rate tax relief via your tax return. Remember, tax rules are subject to change and the relief you receive will depend upon your personal circumstances.

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 depends 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.

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 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. Investment advice and dealing services within the Beaufort SIPP are provided by Beaufort Securities Limited which is authorised and regulated by the Financial Conduct Authority (Register No. 155104).

»  Click here to view all FAQs regarding SIPPs