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IVCM HERITAGE SIPP

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The IVCM Heritage SIPP is a UK registered personal pension scheme. It allows the member, with help from their financial adviser, to choose their own investment strategy from a wide range of permitted assets. A SIPP is one of the most tax efficient ways of saving for retirement as any investment growth is shielded from both income tax and capital gains tax. It can offer tax relief of up to 45% on contributions.

There is a maximum amount that can be contributed into the Brooklands SIPP before incurring additional tax charges. This is dependent on how much you earn and where you are resident for tax purposes. This is called the Annual Allowance.

The Standard Lifetime Allowance is the limit on the amount of pension savings you can have without incurring additional tax when you take your benefits. If the value of your pension savings exceeds the lifetime allowance when you take your benefits, you may pay a tax charge on the excess. The Standard Lifetime Allowance is currently £1million, however there may be instances where you can apply for an increased lifetime allowance.
The Brooklands SIPP is operated and administered by Heritage Pensions Limited who are authorised and regulated by the Financial Conduct Authority, registration number 475096. The asset trustee for the Brooklands SIPP is IVCM Heritage Trustees Limited.

As a member of the Brooklands SIPP you may be able to claim compensation from the Financial Services Compensation Scheme (FSCS) if the provider of one of your investments is declared in default or if Heritage Pensions Limited is declared in default.

IVCM HERITAGE SIPP

BENEFITS & REQUIREMENTS

Documents

Questions & Answers

A Self-Invested Personal Pension (SIPP) is a tax privileged savings plan with the purpose of building a capital sum to provide an income in retirement. The IVCM Heritage SIPP is a UK Registered Pension Scheme registered with HMRC under the Pension Scheme Tax Reference 00704690RB. A SIPP offers more investment and retirement flexibility within the UK registered pension market, offering the individual the opportunity to create and develop a truly bespoke retirement product.
A SIPP is one of the most flexible pension plans which gives the member better control over how to invest and take benefits while at the same time being very cost effective. A SIPP is a regulated UK Pension Scheme which gives members a level of consumer protection not always found with other international pension options.
Occupational Pension schemes will be established by an employer under trust whereas a Personal Pension can be established by any individual who meets the eligibility requirements. Occupational pension schemes can either be Defined Benefit Schemes or defined contribution schemes. With a defined benefit scheme your benefits at retirement are guaranteed and based on your pensionable salary and length of service with your employer, and the contributions required are variable. By contrast, Personal Pensions are always defined contribution schemes. They operate in a similar manner to occupational defined contribution schemes in that they have limits on contribution levels which attract tax relief but benefits are based on the level of contributions paid in and investment returns achieved. Whilst there are no limits on the emerging benefits, these are not guaranteed.
A SIPP is a UK registered pension scheme whereas a QROPS is an overseas pension scheme which meets certain criteria set out by HMRC. There is usually no real advantage to a QROPS over a SIPP before you start to take benefits.  However, there may be some benefit to using a QROPS after taking benefits but only once you have completed ten consecutive tax years outside of the UK and intend to retire and remain . From 9th March 2017, certain transfers to and from a QROPS will be liable to a 25% tax charge called the Overseas Transfer Charge (OTC). The charge would apply if none of the following five conditions are met:

  • the member is resident in the same country in which the QROPS receiving the transfer is established
  • the member is resident in a country within the European Economic Area (EEA) and the QROPS is established in a country within the EEA (Gibraltar is in the EEA)
  • the QROPS is set up by an international organisation for the purpose of providing benefits for or in respect of past service as an employee of the organisation and the member is an employee of that international organisation. It does NOT simply mean a multi-national employer.
  • the QROPS is an overseas public service pension scheme and the member is an employee of an employer that participates in the scheme
  • the QROPS is an occupational pension scheme and the member is an employee of a sponsoring employee under the scheme

If you have any questions or require any further information, please contact your financial adviser.

Yes, IVCM offer a wide range of retirement solutions including; SIPP, QROPS, QNUPS and company pension schemes.

IMPORTANT NOTICE

Before applying for a IVCM Heritage SIPP, you should ensure that the product is appropriate for you. We recommend that you seek professional financial guidance on the suitability of this type of arrangement. This should include the payment of contributions and withdrawals.

Heritage Trustees Limited charges, or those levied by your financial adviser may increase in the future.

You are eligible for the IVCM Heritage SIPP if you are resident in the UK or if you are resident overseas. Please refer to contributions and transfers for details on how to fund your SIPP.

If you are under the age of 18 then you cannot establish a IVCM Heritage SIPP on your own but may establish a IVCM Heritage SIPP with the assistance of your parent or guardian.

People who are not a UK resident are still eligible for the IVCM Heritage SIPP.

People who are not UK nationals are still eligible for a IVCM Heritage SIPP if they wish to transfer benefits from a UK registered pension scheme.

People with small pension pots are still eligible for the IVCM Heritage SIPP however we strongly recommend that you take specific financial advice to ensure that the SIPP and associated charges are suitable.

No, the SIPP must be held in a single name although it is possible for multiple SIPP’s to make a joint investment.

You don’t have to have an existing pension to be eligible for the IVCM Heritage SIPP. You can contribute to the IVCM Heritage SIPP with a single cash contribution.

You may want to consider any investment criteria when contributing so we recommend that you speak to a regulated financial adviser.

The process of applying for the IVCM Heritage SIPP simply requires that you complete and return the application form with the appropriate identification and proof of address.

Yes, IVCM and Heritage only accept applications from individuals who are introduced to us by an appropriately regulated financial professional who holds terms of business with IVCM and Heritage.

If you do not have a financial adviser then you can search for one using www.unbiased.co.uk. This is only for UK advisers and IVCM are not responsible for the content of this website.

HMRC does not impose limits on the level of contributions that you can pay into the Brooklands SIPP. Where certain conditions are met, tax relief will apply on the member contributions up to 100 per cent of your relevant UK earnings up to a maximum of £40,000 gross before tax relief. This is known as the Annual Allowance.

There is a maximum of £3,600 gross for members with no UK relevant earnings which can claim tax relief.

You must be a relevant UK individual for such contributions to qualify for tax relief.

You may contribute to your SIPP even when you are not a UK resident although ordinarily it is only UK individuals with relevant UK earnings that are deemed eligible for tax relief. You can receive tax relief up to a maximum of 3,600pa gross on contributions for up to 5 years but ONLY if you joined as a member of the scheme while resident in the UK.

Non-UK residents, at the time of registration to the scheme can still contribute but no tax relief will be available

No, there is no minimum contribution.

There are no limits on the amount of pension you can make each year although there are limits based around tax relief for pension contributions each year.

The Annual Allowance is the maximum level of contributions stated above you can make each year which will attract tax relief.

Where the Annual Allowance is exceeded, an Annual Allowance tax charge will apply at your marginal rate (or rates) of .

As from 6th April 2015, the annual allowance available depends on individual circumstances and whether you have flexibly accessed your pension or not.

Please contact our technical department for more information.

I don’t agree with your statement. It applies to both as it’s ‘total pension input’. Yes, there are restrictions on tax relief and not on contributions but it still needs to be referred to as an annual allowance tax charge e.g. you earn 90Kpa so effectively receive tax relief on the full 90K as this is your relevant UK earnings. Anything over the annual allowance(40K or if carry forward is used) is subject to a tax charge which takes away your tax relief but what if you contribute 120K but only have 90K of earnings, 30K is not going to gain any relief but will be subject to an AA tax charge of 40%. Does this make sense?

Yes, your employer can make contributions to your SIPP.

The IVCM Heritage SIPP is registered with HMRC for the relief at source (RAS) system to enable tax relief on member contributions paid. An individual is entitled to tax relief in respect of any relievable pension contribution provided the individual is an active member of a registered pension scheme, and a relevant UK individual in the tax year the contribution is paid.

The relief at source system means that contributions are paid net of basic rate tax, which is then claimed back from HM Revenue and Customs by Heritage Pensions and added to the pension fund. If you are a higher rate tax payer, any additional tax relief is obtained through your their own self-assessment.

Contributions can be paid after age 75, however they are not a relievable contribution and cannot qualify for tax relief.

Yes, you can pay into more than one pension scheme at any time but contributions to all schemes count towards the annual allowance. Total contributions are therefore  important to consider so that the annual allowance charge does not apply. You may have the option to carry forward any unused annual allowance from the 2014-2015 tax year to the current year’s annual allowance. This will give you a higher amount of available annual allowance to use for that year.

It is also important to note that from the 2015-2016 tax year onwards you may be subject to the (MPAA) money purchase annual allowance instead of the annual allowance and so your input across all pension schemes in relation to contributions is important.

On a specific scenario and case please refer to our technical team.

Yes, you can however you should contact IVCM via your financial adviser to establish whether we will accept these assets.

Yes, you can however we strongly recommend that you take specific financial advice to ensure that the SIPP and associated charges are suitable.

Yes, you can however we strongly recommend that you take specific financial advice to ensure that the transfer to the IVCM Heritage SIPP and the associated charges are suitable.


Remember, you may be giving up significant guaranteed benefits by transferring a defined benefit (“final salary”) to a defined contribution scheme like a SIPP.

Yes, you can however it is important to note that on transferring GMP into a SIPP, you lose your entitlement to be provided with a guaranteed minimum pension amount.

Yes, you can however not all overseas pension schemes permit transfers to other pension schemes so we strongly recommend that you take specific financial advice.

It is not possible to transfer an ISA directly into a SIPP however, it might be possible to use cash currently held within an ISA to make a contribution to boost your retirement savings.

We strongly recommend that you take specific financial advice before deciding on this course of action.

The IVCM Heritage SIPP, as a UK registered pension scheme is highly portable and is recognised in many other countries as such for tax purposes.

Yes, you can although HMRC require the SIPP provider to carry out thorough due diligence on the QROPS and provider prior to transfer.

If you transfer your IVCM Heritage SIPP to one of the IVCM QROPS range, we shall rebate your SIPP establishment fee against the establishment costs of your QROPS.

We would recommend you receive regulated professional advice in the country of your residence.

Yes, you can transfer your IVCM Heritage SIPP to another provider. We offer a wide range of products within our organisation that may be of interest to you. We do not like to see our clients leave our product range, however there is an entitlement to transfer out. Please refer to our Fee Schedule for further information on costs.

Transfer to other IVCM/Heritage product: NIL
Cash Transfer to UK registered pension scheme: £295
In-specie transfer to UK registered pension scheme: £545
Cash transfer to QROPS (Includes due diligence): £845
In specie transfer to QROPS (Includes due diligence): £995

For more information on fees, please refer to 2018 Fee Schedule

The IVCM Heritage SIPP accepts  standard investments as defined by the UK Financial Conduct Authority (FCA). This includes investments allowed traditionally by Personal Pensions plus:

  • Equities, Unit Trusts and similar investments
  • Discretionary Fund Managers
  • Execution Only Stock Trading Accounts
  • Gilts & Bonds
  • Fixed Term Deposits
  • Fixed Income Securities
  • Investment Trusts
  • Exchange Traded Funds
  • Property Funds
  • Commercial Property and Land in the UK

Please note that although the above investments are acceptable under legislation, Heritage must complete full due diligence on an investment to confirm it’s acceptability before it can proceed. Please contact us if you would like us to confirm an investment’s permissibility prior to submitting Please note: Investments can go down as well as up in value; past performance is no guarantee of future performance; clients should always take appropriate professional advice on investments. Please note that certain investments may require a higher level of investor sophistication due to the increased risk they carry and further declarations may be required. Please see our Investment Guide for further details.

No, you can hold all or part of your money in the default interest bearing SIPP Bank Account held in your name until you are ready to invest.

Please check with your financial adviser for the rate of interest currently available.

No, the IVCM Heritage SIPP is a member directed pension scheme and therefore all investment decisions are the responsibility of the member and their financial adviser. Neither IVCM nor any of its affiliates give advice relating to the suitability of investments and cannot be held liable for any losses as a result of investments held within the IVCM Heritage SIPP.

Yes, a SIPP gives you the flexibility to choose and change your investments when you want. There may however be a surrender penalty for moving from one investment to another which should be considered.

Yes, the default bank account with your IVCM Heritage SIPP is held with Metro Bank.

IMPORTANT

If investment growth is less than expected, you may need to make additional contributions to provide the benefits you have planned for.

The wide range of investments that you can select will have different levels of risk attached to them, and future investment performance cannot be guaranteed.

Some investments may not be readily realisable, and there may be a delay or you may not be able to liquidate the investment when you choose to.

We recommend that you consult a financial adviser when looking at different investment options and the options available to you when you wish to take your benefits.

No. Once invested in a pension structure you cannot ordinarily withdraw those funds until the minimum retirement age of 55.

It may be possible to take benefits earlier than the minimum retirement age (i.e. 55) if you are in serious ill health.

Pension benefits may be fully commuted as a lump sum and taken on the grounds of serious ill-health at any age provided evidence is received from a registered medical practitioner stating that the life expectancy of the member is less than a year.

Only benefits that have not been designated to provide pension benefits may be commuted on these grounds.

If you have any questions or require any further information, please arrange for your financial adviser to contact us.

You can take a tax-free cash lump sum and a taxable income, from your SIPP. The maximum tax-free cash lump sum you can take is 25% of the accumulated value of your pension pot. This can be at any time after your 55th birthday to be classified as an authorised payment.

Please note you can take your benefits separately to your occupation, and you do not necessarily have to finish your occupation and retire to take benefits.

Individuals who are in ill-health or serious ill-health may take benefits before normal minimum pension age as authorised payments if certain conditions are satisfied as described above

The minimum pension age currently in the IVCM Heritage SIPP is 55 unless you are in ill health or serious ill health as described above.

The government will increase the minimum retirement age at which people can access their private pension from 55 to 57 in 2028. The change is likely to apply to all pension schemes aside from public sector schemes.

The IVCM Heritage SIPP does not enforce a maximum retirement age, however age 75 in a registered pension scheme such as the IVCM Heritage SIPP does have trigger points.

As always, we would recommend your specific financial goals are aligned by your financial adviser.

Yes, pension commencement lump sum can be accessed from the normal minimum retirement age of 55 from benefits that are uncrystallised.

The legislation limits how much lump sum may count as a tax-free pension commencement lump sum. The limit for the IVCM Heritage SIPP is 25% of the total fund value at retirement where the fund value is calculated on the basis that the member is entitled to the standard lifetime allowance.

Capped Drawdown is a form of income withdrawal where the member’s pension is paid from the monies invested within the pension scheme and subject to certain limits which are regularly reviewed. As of 6th April 2015 it was no longer possible to access capped drawdown and, clients with fully uncrystallised monies in their pension can only opt for Flexi-Access drawdown (FAD) or Uncrystallised Funds Pension Lump Sum (UFPLS). .

If a member prior to 6th April 2015 has crystallised their arrangement and is currently in Capped Drawdown, the member can continue to be in Capped Drawdown or convert to Flexi-Access drawdown. Please note that when you access Flexi-Access Drawdown you will trigger the (MPAA) money purchase annual allowance.

You may use your SIPP funds to purchase an annuity at any time after the minimum retirement age of 55.

As from 6th April 2015 pensions legislation has permitted Flexi-Access Drawdown. All new drawdown arrangements set up after this date are Flexi-Access Drawdown funds. The new drawdown is similar to the old Flexible Drawdown however there is no cap on the income limit. A member can withdraw as much or as little as required without restriction, however taxation advice and financial advice is strongly recommended before starting to take any benefits. UK Income tax is applicable to income wherever you reside in the world. There are double taxation agreements and a variety of options available due to the flexibility within the product. If you require any technical support on this, please contact our technical team.

No, you can take your pension fund in stages, rather than securing your retirement income all at once. This is known as ‘phased retirement’.

Death Benefits under drawdown are generally more favourable now through the nominee, successor rule. A nominee is any individual, other than a dependant, nominated by the member to receive the benefits from a pension plan upon their death. A successor is an individual nominated by a dependant or a nominee to continue to receive the dependants or nominee’s pension upon their death.

Your money can now be passed through generations of the family or any nominated individual(s) where funds are still available from the original member’s pension pot.

It is important that the member completes an expression of wish form in order to nominate who they would like to receive the benefits, and imperative factor that this is kept up to date.  This helps us to pay any benefits on death. While the expression of wish is not binding, keeping the expression of wish up to date also helps the trustees pay the benefits under the terms of the trust thus potentially mitigating inheritance tax (IHT).

The benefits payable will depend on the following factors:

  • The age of the member when they died i.e. before age 75 or after age 75.
  • If the benefits are paid within 2 years  of the date the scheme administrator first knew of the member’s death or the date that the scheme administrator could of reasonably have been expected to know of it.

The funds can usually be paid tax free before age 75 if the above rules have been met, or subject to the recipient’s marginal rate of tax after age 75. Funds paid out of the 2-year window prior to age 75 will be taxed at the recipient’s marginal rate of tax.

Please contact our technical team on contact

If you die after taking benefits, what remains in the pension can be passed to your chosen nominee or successor.

The expression of wish is an imperative factor in keeping the members wish up to date to help pay any benefits on death. While the expression of wish is not binding, keeping the expression of wish up to date also helps the trustees pay the benefits under discretion and potentially mitigating Inheritance Tax (IHT).

Legislation now reflects on two main factors:

  • The age of the member when they died i.e. before age 75 or after age 75.
  • If the benefits are paid within a 2-year rule of the date the scheme administrator first knew of the member’s death or the date that the scheme administrator could of reasonably have been expected to know of it.

The funds can usually be paid tax free before age 75 as long as the above rules have been applied, or subject to recipient’s marginal rate of tax after age 75. Funds paid out of the 2-year window prior to age 75 will be taxed at the recipient’s marginal rate of tax.

Please contact our technical team on contact

As the IVCM Heritage SIPP is a UK registered pension scheme written under Discretionary Trust, any lump sum paid on death is normally paid at the Trustee’s discretion and thus considered to have fallen outside of the member’s Estate.

You can name anyone you wish as a beneficiary of your pension scheme including; family members, friends or registered charities.

However, we must hold a record of this as should there be no recorded beneficiaries, (i.e. legally deemed “intestate”) benefits may not be paid in accordance with your wishes.

You can update your beneficiaries as and when you wish. Please contact us to request the required documentation to be sent to the member to complete.

Please check our documents section on this page.

Under the Financial Services & Markets Act 2000 you have the legal right to cancel your application within 30 days.

Upon receipt of the application we will issue a Cancellation Notice to your email address in the first instance otherwise to the address given.

In certain circumstances, you may wish to waive your right to the 30 days Cancellation Period.

Where you have elected to waive the right to cancel the application then the SIPP will be deemed as fully operational and you will lose the right to cancel the application.

The IVCM Heritage SIPP is a UK registered pension scheme. The asset Trustee is Heritage Trustees Limited and the scheme administrator and operator is Heritage Pensions Limited, who are authorised and regulated by the Financial Conduct Authority, registration number 475096. Heritage Pensions Limited is covered by the Financial Services Compensation Scheme.

The IVCM Heritage SIPP is subject to the laws of the United Kingdom and any resulting legal disputes will be subject to the exclusive jurisdiction of the England & Wales courts.

Metro Bank, the bank account provider for the IVCM Heritage SIPP, is a member of the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

An eligible depositor is entitled to claim up to £85,000. For joint accounts, each account holder is treated as having a claim in respect of their share, so two eligible depositors with a joint account could claim up to a maximum of £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.

The IVCM Heritage SIPP is a member directed pension scheme and therefore all investment decisions are the responsibility of the member and their financial adviser. Neither IVCM nor any of its affiliates give advice relating to the suitability of investments and cannot be held liable for any losses as a result of investments held within the IVCM Heritage SIPP.

IMPORTANT

This is based on our current understanding of tax rules and pension legislation, and this may change in the future which may not be advantageous to you.

Members of the IVCM Heritage SIPP will receive annual statements which are issued via your financial adviser.

You can request an illustration at any time but you may be charged for this.

Depending on investments chosen and their structure you may as an adviser be able to obtain online read only access. Please contact our Support Team.

Yes, you can update your financial adviser details by completing the change of financial adviser form by contacting our Servicing Team.

If you have further questions, please email your local office here.

If your contact details change, please contact us.

In the event that you should wish to register a complaint in relation to your plan, then such complaints should be made in writing to:

The Compliance Officer Heritage Pensions Limited
6 Doolittle Mill
Froghall Road
Ampthill, Bedfordshire
MK45 2ND

E mail: info@heritagepensions.co.uk

If in the event that we are unable to resolve your complaint you have the right to refer the matter to the Pensions Ombudsman or the Financial Ombudsman Service, their details are as follows:

The Office of Pensions Ombudsman
11 Belgrave Road
London
SW1V 1RB
Tel: 020 7630 2200 Fax: 020 7821 0065
Email: enquiries@pensions-ombudsman.org.uk
Website: www.pensions-ombudsman.org.uk

The Financial Ombudsman Service
Exchange Tower
London E14 9SR
Tel: 0800 023 4 567 | from outside the UK +44 20 7964 0500
www.financial-ombudsman.org.uk

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