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NEWSLETTER: NEW SIPP PRODUCTS

Contributed by MW Pensions
24 January, 2014


Online SIPPs launched

We are delighted to advise you that we have now launched two online SIPPs:

a) Acorn Lite, which allows up to 2 regulated investments plus a cash bank account

b) DFM Platform SIPP, that offers a Discretionary Fund Manager platform

Both have an online Application Form and have a free facility that allows advisors to provide projections, as required by the FCA. In addition, both products are extremely competitively priced.


Acorn Lite SIPP

A member is allowed to use their fund to invest in a cash current account, 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. Insight SIPP (see below) can be used for those investments. However should a client's requirements change at some time, we will provide a free upgrade to a full Insight SIPP.

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

The basic fees for the Acorn Lite SIPP are:

  • Set up fee: Nil
  • Transfer in fee: Nil
  • Contribution fee: Nil
  • Annual fee: £275 plus VAT (in advance)


DFM Platform SIPP

The DFM Platform SIPP offers a choice of Discretionary Managed Funds at competitive transparent fee levels. It provides access to a choice of Discretionary Managed Strategies on the Praemium Platform. Their Dynamic Modelling technology allows you to provide robust and consistent management and give your clients a more enriched investment experience.

The DFM Platform SIPP offers the following features:

  • A choice of funds across a number of investment options (see below)
  • One simple transparent fee covering SIPP, platform and fund charges
  • Fee can include adviser fee
  • No hidden fees or charges
  • Online Application Form
  • Online access for up to date valuations
  • Free online illustration
  • Excellent support from our team of experienced administrators
  • Service Charter

The minimum fund for the DFM Platform SIPP is £80,000.

The fee structure for this SIPP is:

  • Set Up Fee: Nil
  • Annual Fee 0.25% plus VAT (included in annual management charge)
  • Transfer in Fee: Nil
  • Contribution Fee : Nil
  • Online illustration Fee: Nil

NB. SIPP Annual Fee will be capped at £400 plus VAT (£480 inc VAT). This means that for funds in excess of £160,000 the SIPP Fee falls below 0.25%.

There are additional fees for non-standard events such as Benefit Crystallisation Event and subsequent pension reviews. Our full DFM Platform SIPP fees are available on request.

The DFM Platform SIPP currently offers discretionary fund management via Morningstar and Smart Investment Managers. If you have a discretionary manager that you would like to be added to the DFM Platform SIPP offering, please let us know and we will be happy to see if it can be arranged.


Insight SIPP – a "full" SIPP

The Insight SIPP is a 'full' SIPP, and as such is able to invest in the full range of permitted investments, including commercial property and, where appropriate, unregulated investments. It  offers the following features:

  • Wide choice of regulated investments
  • Choice of bank accounts
  • Unregulated investments (for HNWI/SI members only)
  • Simple transparent fee structure
  • No hidden fees or charges
  • Commercial property investment option (fee structure on request)
  • Excellent support from our team of experienced administrators
  • Service Charter

The fee structure for this SIPP is:

  • Set Up Fee: £200 + VAT (there is no set up fee if it is a transfer from an existing SIPP)
  • Annual Fee : £500  + VAT (in advance)
  • Transfer in (cash) Fee: Nil
  • In specie Transfer In: £150 + VAT
  • Contribution Fee : Nil
  • Regulated Investment Fee: Nil
  • Annual Unregulated Investment Fee: £200 + VAT (in advance)

It is envisaged that these fees cover all standard administration that would be needed in the course of a year. Non-standard work such as a Benefit Crystallisation Event or commercial property purchase would demand additional fees to cover the additional work. These fees are set at competitive levels, are transparent and available on request.


Where can I get more information?

All these new products are being marketed via a new website www.sippspecialists.co.uk. Do check it out. SIPP Specialists Ltd is wholly owned by MW Pensions Ltd. We have owned SIPP Specialists Ltd as a company and website domain etc for many years. We believe now is the right time to use it to market our new products– we are simple souls and "SIPP Specialists" does exactly what it says on the tin.

Any feedback on the new website would be appreciated.


Gilt Yield for Drawdown

The gilt yields to be used for drawdown calculations are:

November 2013

3.00%

December 2013

3.00%

January 2014

3.25%


We do not give financial advice and no comments here are intended as such. The above information is based on our understanding of the legislation governing pensions at the time of writing.  Before taking any action you should consult a qualified financial and/or tax adviser. Levels, bases of and reliefs from taxation may be subject to change.

This Newsletter is intended for professional advisors only, not members of the general public

January 2014


MW Pensions Ltd
Oaklands Park
Hooton Road, Hooton
South Wirral CH66 7NZ
Tel: 0151 328 1777  Fax: 0151 328 0707  
website: www.mwpensions.co.uk e-mail: admin@mwpensions.co.uk

Authorised and Regulated by the Financial Services Authority





 


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