What is a SIPP?

A self invested personal pension (SIPP) is a vehicle that lets you save for your retirement in a tax efficient way:

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it is a personal pension wrapper that can hold a wide range of permitted assets both directly and through collectives. This offers you a greater level of flexibility and control over investment choices which is good if you use it. Should you only want a more limited investment choice, you may be able to access this more cost-effectively without the SIPP wrapper cost. If you need to discuss your options, please contact your authorised and regulated Financial Adviser. If you do not have an adviser, please view unbiased.co.uk, mylocaladviser.co.uk or vouchedfor.co.uk.

HM Revenue & Customs (HMRC) has accepted the Dentons SIPP as a registered pension scheme. You will be a trustee of your Plan together with our associated trustee company - Denton & Co Trustees Limited. This approach provides you with a greater degree of control over your Plan and in the investment selection process.

Why use a SIPP?

A SIPP is used to build up pension funds in your Plan for your retirement and have control over the investment of those funds.

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This type of pension vehicle is mainly used for the greater flexibility and range of investments offered over other forms of pensions.

Other personal pension plans usually only allow a limited range of investments and are generally lower in cost. If you think that a pension other than the Dentons SIPP may be suitable for you, please contact your Financial Adviser.

If you do not have an adviser, please view unbiased.co.uk, mylocaladviser.co.uk or vouchedfor.co.uk.

What investments do we allow?

We designed the Dentons SIPP to provide you with investment flexibility from an extensive range of asset classes. We will consider most assets but some we do not allow.

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Please download a copy of our Permitted Assets to find out more:

We would recommend that you seek financial advice before making any investment decisions. Dentons will not provide advice on the suitability of assets however we reserve the right to refuse to hold any proposed investment within your Plan. If you need advice before making any decision please contact your Financial Adviser.

Please note: If you are considering higher risk investments such as Unregulated Collective Investment Schemes (UCIS), you must confirm that you are a sophisticated investor and complete our Investment Questionnaire.

What is the minimum investment?

Dentons requires a minimum fund size of £50,000.

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This is the level at where we believe the administration costs of running your Plan become economic.

Who legally owns the commercial property?

The SIPP member(s) as trustees will be the registered owners of the property at the Land Registry however..
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A 'Restriction'  will be placed on the Land Register to prevent sale or mortgage of the property without the consent of Dentons' bare trustee company.

What pensions can I transfer to a Dentons SIPP?

You can transfer existing pension benefits with other providers to your Plan within the Dentons SIPP. However you will need to consider whether there are any penalties or exit charges for transferring.

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Before accepting a transfer of more than £30,000 from a scheme with safeguarded benefits (including defined benefit/final salary benefits) into your Plan, we require written confirmation that you have received a positive recommendation to transfer from a Pension Transfer Specialist. Our Transfers from a scheme offering safeguarded benefits form must be fully completed and accompany your SIPP Application. We are only able to process a safeguarded benefits transfer when we are in receipt of the fully completed application forms, including the above form. From this date of receipt, we will require a minimum of 7 working days prior to the transfer expiry deadline.

This is to protect you by ensuring that you fully understand the impact of the potential loss of any safeguarded benefits before you decide whether to transfer them. Please note that we do not accept transfers from 'insistent clients' (i.e. those who have either taken no advice or still want to transfer despite a negative recommendation from a Pension Transfer Specialist).

What contributions can I make?

You can make one off or regular payments into your Plan to take advantage of the generous tax benefits available to you at any time.

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As long as you are a UK resident or you have relevant UK earnings chargeable to income tax, you, your employer or anyone else can pay contributions into your Plan.

Tax relief in any tax year will normally be available on any personal payments you make to your Plan up to the greater of £3,600 a year or 100% of your relevant UK earnings subject to a maximum annual allowance of £40,000. This allowance may be tapered down to £4,000 if you have 'adjusted income' (which includes all taxable income and investment income) of more than £240,000 in a tax year. Once you have flexibly accessed your benefits (e.g. you have taken a flexi-access drawdown pension payment or an uncrystallised funds pension lump sum), a money purchase annual allowance of £4,000 will apply.

Personal contributions must be paid net of basic rate tax, which we reclaim from HMRC and pay into your Plan.

Please note: that contributions paid for you by anyone other than you or your employer are treated as your personal contributions.

No tax relief is available on personal contributions after age 75.

Your employer can also contribute to your Plan provided that the combined amount of employer and personal employee contributions do not exceed the annual allowance, tapered annual allowance or the money purchase annual allowance, whichever applies to you.

What might I get when I retire?

When you decide to draw benefits, the value of your Plan will depend on a number of factors.

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These include how much is paid in, how long the payments are invested for, how well the investments perform and the charges taken from your Plan. The amount of your pension will depend on the circumstances at that time, including interest rates, your age at retirement and the type of pension you choose.

How can I apply for a SIPP?

Before applying for a Dentons SIPP, it is important that you read the Dentons Key Features and SIPP Terms and Conditions of Business.

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If you decide that a Dentons SIPP is suitable for you, you can apply online or alternatively download the forms.

Before you apply for a SIPP.

You must be satisfied that a SIPP is suitable for you. The Dentons SIPP is generally suitable for investors that have built up pension funds in excess of £50,000 and are happy to pay slightly higher fees and charges for the extra flexibility and investment control provided.

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The wide range of assets that are available with the Dentons SIPP is generally not available with many other types of pension. It is important that you are satisfied that the investments you choose are suitable for you. In addition, you need to consider the liquidity of certain investments especially if you are close to retirement. Some higher risk investments may incur additional charges.

Prior to making certain 'high risk' investments we will require you to complete a sophisticated investor questionnaire and non standard investment declaration: please see the non standard assets section within the Permitted Assets form for more information.

Please note: Dentons is unable to advise you on the suitability of your chosen investments and we do have the right to veto certain investments especially if they contravene HMRC rules. However we can provide factual information about SIPPs and Dentons.

Investment risks: past performance is no guarantee that this can be repeated and should not be considered as an indication of what can be achieved in the future. It is important that you understand the risks that you are accepting when making investments.

Is it possible to open a SIPP in joint names?

No, a SIPP is for an individual. 

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Dentons operates its SIPP under a 'Master Trust' with each indivdual's Plan established under a seperate sub-trust with the Plan holder appointed as a co-trustee, with our bare trustee company, Denton & Co Trustees Limited. You and Denton & Co Trustees Limited will be the legal owners of the Plan fund and assets.

This means that your Plan fund and assets are ring-fenced from other individuals' Plans within the Dentons SIPP and from Dentons itself.

What are the costs of a SIPP?

Some of the costs for establishing your Plan are fixed but others are on a time-cost basis, meaning you only pay for the services you need.

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Our prices are outlined in the Fee Schedule.

Is a SIPP a Stakeholder Pension?

No. The Dentons SIPP is not a Stakeholder Pension.

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If you think that a Stakeholder Pension may be suitable for you, please contact your Financial Adviser. If you do not have an adviser, please view unbiased.co.uk, mylocaladviser.co.uk or vouchedfor.co.uk.

Can a SIPP be opened for a child?

Yes, the parent or Legal Guardian of a child under the age of 18, can open a Plan for the child, as long as the child is resident in the UK.

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The parent or Legal Guardian must also be capable of acting as, and be appointed as, a co-trustee of the Plan.
Please note that Dentons has a minimum fund size of £50,000 and contributions to a SIPP for a child are restricted to £3,600 per annum including tax relief.

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Whatever your retirement needs, one of our experts will be happy to discuss how we can help you achieve your goals.