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Introducing the ACORN LITE SIPP for Regulated Investments & Bank Accounts

Contributed by SIPP Specialists Limited
13 June, 2013


Contributed by SIPP Specialists Limited [www.sippspecialists.co.im]


This leaflet is for professional advisers only and members of the public should not rely on it.


At SIPP Specialists we believe in offering advisers and their clients, flexibility, transparency and quality service. We are not, and never will be a call centre.

All our introducers and members get top quality service from a dedicated administration and client management team.

At a time when industry charges are coming under criticism, we have decided to implement a principle which may be seen as unusual:

A SIPP fee should reflect the work that is done, not the size of the fund

The Acorn Lite is a flexible new SIPP, which has a simple, cost-effective fee structure, and a good choice of investment options.

There is no minimum or maximum fund size.

The fee structure could not be simpler:

  • Set Up fee                   NIL
  • Transfer in fee            NIL
  • Contribution fee          NIL
  • Annual Fee                  £275 (plus VAT) in advance

This fee covers all the standard tasks that you would expect in a given year.

Additional fees are only charged, when additional, non-standard work is required, such as Benefit Crystallisation Events, payment of pensions etc. 

These fees are available on request.

A member is allowed to use their fund to invest in cash, plus a maximum of two UK regulated investments.

That means that unregulated investments such as commercial property or unregulated collective investment schemes are not permitted in this structure.

However should a client’s requirements change at some time, we will provide a free upgrade to a full SIPP

However the list of permitted investments includes (up to two maximum):

  • Bank deposit accounts
  • Platforms/Wraps
  • Stockbroker Client Accounts
  • Discretionary Fund Manager Accounts
  • Insured Funds
  • Trustee Investment Plans
  • Bonds
  • Unit Trusts

If in doubt please contact Mark Knight, Telephone: 0151 328 0594 or consultants@sippspecialists.com to discuss


Pension Fund Deposit Accounts

The following banks and rates are available for pension fund cash in the MW SIPP

BANK

TERM

RATE

MINIMUM DEPOSIT


Scottish Widows

3 year Fixed Term (before 14/06/2013) Issue 18

1.80% AER

£10,000 - £5m

No partial withdrawals. Cannot be closed before maturity

AIB (GB)


Instant access1

1.00%

£0 upwards

Interest paid quarterly

Rate reducing to 1% abt 17th June


12 Months

1.65%

£25,000 - £3m


Investec

30 day notice

1.34% AER

£25,000 -

Interest paid monthly or annually


12m to 5 years

On request

£25,000 -


Nat West



Fixed Rate

Issue 35 (20 May – 12 June)

12 months

Matures 19 May 2014



0.9% AER



£5,000 - £5m

Partial withdrawals are not permitted. Early termination is permitted but will incur an Early Closure Fee, equal to 60 days gross interest.

Cater Allen



12 months

24 months


1.50% gross pa

1.80% gross pa


£50,000

Interest paid on maturity.  There is no facility for early withdrawal

Close Brothers

1 year fixed

2 year fixed

On request

On request

£50,000

Interest paid annually and at maturity

Mansfield

Building Society



30 Day notice

deposit account

3rd issue

1.45% AER



£25,000 –

£500,000

Minimum 30 days written notice or the loss of 30 days interest on the amount withdrawn/closing balances.

Interest paid annually 31/12

Santander



12months fixed

18months fixed

24months fixed

1.40%

1.45%

1.50%

£50,000

£50,000

£50,000


Metro Bank

Instant Access


12months fixed

24months fixed

36months fixed

1.00%


1.85% AER

2.10% AER

2.25% AER

£1+


£500+

Interest paid quarterly


Interest paid monthly or annually

The above rates are correct as of 1 June 2013 and can fluctuate so you should check with either the Banks or us for the latest rates

Please note that this does not constitute advice, we are not endorsing or recommending these accounts by including them in this list.

This list is not exhaustive.  Deposit accounts can be opened with other banks please contact us to discuss your requirements. admin@sippspecialist.com.


Notes

Whilst these accounts are designated as instant access it can take up to 3 days to return funds to the underlying scheme account for onward investment.


Mark Knight, DipFS

SippSpecialists Limited
Oaklands Business Park, Hooton Road
South Wirral, Cheshire CH66 7NZ

T: 0151 328 0594, F: 0151 328 0707

SIPP Specialists Limited - Registered in England and Wales Registered No 4845017
Registered office: Montrose House, Clayhill Park Neston CH64 3RU

Sipp Specialists is not regulated to give advice.  The information provided in this communication is based on our understanding of the current legislation governing pensions.




 


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