Permitted assets

Dentons consider the following assets to fall under this category:

Funds and equities

  • Stocks and shares listed or dealt on any HM Revenue and Customs (HMRC) recognised stock exchange, including:
    • equities
    • fixed interest securities issued by government or other entities
    • debenture stock and other loan stock
    • permanent interest bearing shares
    • convertible securities
  • Alternative Investment Market (AIM)*
  • Authorised open ended investment companies (OEICs)
  • Authorised unit trusts that do not hold residential property
  • Equities traded on a recognised overseas stock exchange
  • Offshore funds recognised by the Financial Conduct Authority (FCA)
  • Shares in investment trusts
  • Trustee investment bonds.

*Although shares on the AIM market are not treated as listed on a recognised exchange, we treat AIM listed shares as a standard asset and therefore there is no restriction on the amount that can be held. However, before we will accept AIM shares within our schemes, they must be referred to our Dentons Investment Committee for approval: please email

Deposit accounts

  • Deposit accounts with any UK authorised financial institution.


  • UK commercial property (including land, whether development land or farmland). More complex arrangements include where there are multi-participants and/or where a mortgage is required. Our Commercial Property Questionnaire will need to be completed in all cases.


  • Depositary interests (including CREST depository interests)
  • Exchange traded funds (ETFs) (Legal Entity Identifiers may be required)
  • Insurance company managed funds and unit-linked funds
  • Investment grade gold bullion (subject to conditions)
  • National Savings and Investment (NS&I) products: only certain products are allowed, depending on availability but Premium Bonds and Direct Saver Accounts are not permitted
  • Real estate investment trusts (REITs).

The following assets will require comprehensive information in order to assess whether or not they are acceptable and if any conditions need to apply:  


  • Borrowing can be taken out by the pension scheme trustees to help buy a permitted asset provided it is on commercial terms and within HMRC limits.

Unacceptable assets

Dentons Pensions does not accept any of the following assets as they may give rise to tax penalties on you and/or your SIPP, or loss of protection: 

  • Bed & breakfast units
  • Carbon credits
  • Cloud lending
  • Commodities other than gold bullion
  • Cyrptocurrency
  • Forestry
  • Futures, warrants, options and binary options
  • Hedge funds
  • Individual CFD and FX accounts
  • Individual hotel rooms
  • Land banking
  • Litigation funding
  • Loans to individuals or connected parties
  • Off-plan hotel developments
  • Overseas commercial property and land
  • Overseas unquoted equities
  • Storage pods
  • Taxable property - defined by HMRC as residential property and tangible movable property (including personal chattels)
  • Unregulated collective investment schemes (UCIS).

You can discuss with us as to whether an asset is acceptable within a Dentons full asset SIPP or SSAS. If you need advice on making any investment  decision please contact your own authorised and regulated Financial Adviser.

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