SIPP: Your questions answered...
Q. Who is this SIPP suitable for?
A. This is only suitable for experienced investors, who are used to managing their own funds and for whom a SIPP is appropriate.
Q. I know you don’t apply a set up or an annual administration charge for this SIPP, so what costs will I be paying?
A. When you buy a fund or funds within your SIPP, there may be an Initial Charge to pay. However, we will try to get that charge or charges reduced significantly to 0% if possible - so that you enjoy the same substantial discounts in your SIPP as you do when you buy other investments through us. In common with all collective investments - including ISAs and PEPs - each fund within your SIPP will be subject to an Annual Management Charge, which on average is about 1.5% a year.
This SIPP remains free of set-up and administration charges for as long as you continue to use funds available via Fidelity's FundsNetwork. Should you at any point go off this core list and include other investments, start taking benefits in the form of drawdown, annuity or alternatively secured pension, charges will be raised and we would always suggest you consult an adviser before proceeding. Also, if you transfer to another adviser, you may not get the same terms for this SIPP as you will with Torquil Clark Investments.
Q. How long will it take to set my SIPP up with you?
A. That depends on how complex it is: if your SIPP is relatively straightforward then it could be up and running in 1 - 2 weeks. But if you want to transfer an existing pension (or pensions) into your SIPP, then how soon that will happen is largely in the hands of your existing pension provider. One point you can be certain of, is that we will stay on the case and do all we can to get your SIPP set up ASAP.
Q. Will there be any charge for switching my investments around within my SIPP?
A. Switching between funds is free in most cases.
Q. I need advice from you on how the contents of my SIPP should be invested - can you help?
A. The charges on this SIPP are low because you choose the investments, not us. The idea is to build a customised portfolio choosing from the 1,000+ funds that will be available to you. Alternatively, you could always invest in one of the suggested model portfolios, or choose a fund or funds from our shortlist.
If you really do need our help, we have a team of specialist pensions and retirement planning advisers who can provide individual and appropriate advice to suit you. These advisers are highly qualified and charge for their time, so they are not part of our 'no frills' SIPP service.
Q. Will I have to speak to my existing pension provider(s) to get my pension fund transferred into your SIPP?
A. As long as you supply us with the brief details we ask for on the application form, we will handle all of that for you.
Q. Who will be involved in my SIPP?
A. This SIPP is operated in conjunction with Fidelity's FundsNetwork and Standard Life, both highly respected and powerful names in financial services.
Q. Why should I move my pensions or invest money into this SIPP?
A. Only you can decide if this SIPP is the right one for you. Let's put it this way: if you're looking for an inexpensive SIPP which offers a wide range of investment opportunities and high levels of service, then this could be the SIPP for you.