Currently the SVS SIPP service is only available to IFAs. If you are an existing client of SVS Securities or you are interested in opening an independent SIPP account, this service is coming soon. Please register your interest here.
How do I apply for an SVS SIPP?
A SVS SIPP account is unavailable to retail clients at this present time. If however you are an IFA and you wish use the SVS SIPP services you can do so by completing our Financial Advisor Application and returning a signed copy to firstname.lastname@example.org
What are the differences between a SIPP and a stakeholder pension?
Both schemes are Personal Pension Plans and are governed by the same contribution allowance and tax relief rules. The difference is that most stakeholder pensions limit your investment choices. A SIPP offers you a far more extensive and flexible approach to investment.
Am I eligible for an SVS SIPP?
If you are under 75 and a UK resident you should be eligible to contribute to an SVS SIPP. You may also be eligible if you have been a resident at some point during the current tax year, if you had earnings chargeable to UK income tax or if you or your spouse is a Crown Servant based overseas.
Can I contribute to an SVS SIPP alongside other pensions?
Yes you can but you should be aware of the implications this may have on your contribution limits.
Can I use my existing holdings to contribute to my SVS SIPP?
Yes you can via a process known as Bed & SIPP. This is where you sell the investment and purchase it straight away within the SVS SIPP. We aim to keep the bid/offer spread, dealing costs and amount of time you are out of the market to a minimum. A Bed & SIPP is classified as a pension contribution so should be eligible for tax relief.
Can I transfer Protected Rights into the SVS SIPP?
Yes you can, although please ensure you won’t lose any valuable guarantees or other benefits, or incur expensive exit fees. Protected Rights are monies you have accrued by contracting out of the State Second Pension. If you are unsure if you have any Protected Rights, the HMRC Contracted Out Pension Helpline should be able to tell you. You can call them on 0845 915 0150.
Can I transfer an ISA to the SVS SIPP?
Though you cannot transfer an ISA directly into an SVS SIPP, you may be able to use cash currently held within the ISA to make a contribution to you retirement fund. For more information on transferring money from ISAs and to find out if you are eligible to do so, call our UK-based help desk 020 7382 2871.
Do I have to decide where to invest money straightaway?
No. You can hold all or part of your SVS SIPP as cash until you have decided where to invest. There are no additional charges for holding cash in your SIPP but regular SIPP charges will apply.
Do you offer help with the investment choices?
Our standard service is non-advisory. Though we offer assistance and information on your investment options, the responsibility for choosing the investments is yours.
Are there any restrictions on the investments I can make in the SVS SIPP?
Yes, you cannot invest in:
- Residential property
- Insurance company investment policies
- Pink sheets or futures and options
- Personal chattels
- Loans or borrowing
Can I hold cash within the SVS SIPP and earn interest?
Yes. There is no additional charge for holding cash in your SIPP but regular SIPP charges still apply. For further information on interest, feel free to call our administration team on 020 7382 2871.
Can I contract out within the SVS SIPP?
No. You cannot contract out within the SVS SIPP
Can I withdraw my money at any time?
No. Once you have invested in a pension you cannot normally access the money until retirement. This can normally be done from your 55th birthday when you will usually be able to take a 25% tax free lump sum.
What happens if I die and have not taken benefits from my SVS SIPP?
Your fund would normally be paid to a beneficiary as a tax free lump sum. If you die after the age of 75, having not taken any benefits from your SVS SIPP, your pension fund can be passed on to your beneficiaries as a lump sum minus a 55% tax charge. Alternatively your spouse or dependant can receive an income. Any income is subject to income tax.
Do I pay any tax on the income I take from my SIPP?
Yes. Income taken through capped drawdown or flexible drawdown is taxed at your marginal rate of tax. You will receive regular pay slips and a P60 at the end of the tax year.