Types of Account

Self Invested Personal Pension (SIPP)

What are my options at retirement?

You can normally start taking benefits from age 50 (55 from 6th April 2010) and you don’t even have to stop working. You have a host of options as to how and when you take your benefits. A brief outline of these options is given below. You don’t need to choose any options now but can consider each of the options in more detail at the appropriate time.

• Phased Benefits
  Phased Benefits Your plan gives you maximum flexibility by allowing you to take your benefits in stages. It also lets you take income through a combination of options if you wish. Any funds you delay taking benefits from remain fully invested under your control. And should you die before having an opportunity to take them the fund can be passed on to your beneficiaries, normally free of inheritance tax.
• Tax free cash
  When you decide to take benefits you can normally have 25% of the value of the fund as a tax-free cash sum. The remaining fund can be used to provide you with an income via annuity purchase and / or income drawdown.
  Please note that the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future.
• Annuity Purchase
  An annuity is simply a life assurance contract, brought from any provider you choose, using your pension fund. The annuity provider then guarantees to pay you a regular income for the rest of your life. If you choose to buy an annuity you have options, such as whether to sacrifice some of your income so that your spouse will continue to receive a pension should you die first.
• Income Drawdown (Unsecured Pension – USP)
  This allows you to receive an income. It works by letting you draw a variable amount of income from your drawdown fund each year, within minimum and maximum limits defined by the HM Revenue & Customs (HMRC). Furthermore you retain control over where your income drawdown fund is invested. You should bear in mind that the amount of income available via drawdown cannot be guaranteed.
• Income Drawdown from age 75 (Alternatively Secured Pension - ASP)
  At age 75 your pension fund can be used to provide a new form of income drawdown. Income drawdown alternatives are shown below.

For more information contact us now
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To apply now, get a SIPP Application Form
Download the SIPP Application Form. Before making an application, please make sure you have read the SIPP Terms of Service.	Alternatively, request an information pack by post
To help with your application we have also produced a SIPP application Help Guide which is available to download here.
Download the SIPP Income Drawdown Guide