Trustees
- Administration of your Plan is provided through Dentons Pension Management Ltd (Dentons). The sole trustee is Sippchoice Trustees Limited.
As Scheme Administrator, Dentons reserves the right to unwind any transaction which might, in their opinion, result in a tax charge being imposed on your Plan.
Your Plan can invest in a single portfolio which does not include any non-standard funds and/or assets with an investment manager or platform that is on Dentons' approved list. This is in addition to the default instant access bank account. We reserve the right to refuse to hold any proposed investment.
Establishment
- Dentons will provide all of the necessary documentation to establish your Plan and will set up the Plan's default sterling bank account, check application details, carry out anti-money laundering verification (We will retain copies on Our file), process initial contributions and reclamation of tax on those contributions. When establishment of your Plan is finalised, you will be sent a folder containing copies of all of the completed documentation.
Standard administration
- Dentons will provide the following ongoing administration services as standard:
- Setting up and maintaining the database records
- Receiving and recording of contributions into the Plan
- Reclaiming tax relief on contributions to the Plan
- Ongoing liaison with investment managers
- Monitoring the Plan's default sterling bank account together with any additional bank accounts and checking bank statements.
It is your responsibility to monitor the transactions within your Plan, particularly those carried out by third party investment providers and Dentons should be notified immediately of any error.
- Obtaining and checking periodic portfolio valuations from investment managers
- Production of an annual financial statement
- Production of an annual statutory money purchase illustration
- Ongoing monitoring of the requirements of HMRC and those of any other relevant body, including updating of documentation to ensure continued compliance with all appropriate regulations.
Please note: The Plan is subject to HMRC rules and Dentons reserves the right to veto any investments or actions which it believes may contravene those rules.
- Responding to the routine information reporting requirements (including periodic audits) regarding the Plan as required by HMRC and other appropriate bodies
- Updating of scheme documentation to ensure that the Plan continues to adhere to HMRC requirements.
Additional administration
- Dentons will provide the following additional administration services on a fixed or time cost basis, depending on the service:
- Liaising with administrators of any other pension arrangements transferred to the Plan to ensure compliance with statutory and HMRC requirements
- Receiving and recording of any transfer payments into the Plan from other pension arrangements, and any transfer payments out of the Plan
- Setting up investment portfolios or platforms
- Recording and passing on to investment managers your investment instructions
- Liaising with advisers and other providers to ensure correct title in the purchase or sale of investments, by the Plan
- Recording and passing on to you contract notes and other investment documentation received from investment managers
- Liaising with you or your adviser, by telephone, post or email correspondence when discussing aspects of your Plan including HMRC rules on contributions to the Plan, taking benefits and death benefits
- Arranging for cheques, including electronic payments, in settlement of investments and other purposes to be forwarded to and signed by the relevant authorised signatories
- Calculating retirement benefits together with reports and critical yield illustrations
- Setting up pension payroll arrangements, including payment net of tax under PAYE and the accounting for tax to HMRC and its settlement
- Calculating and producing documentation for benefit reviews
- Reclaiming from HMRC any tax recoverable on investment income received by the Plan
- Amending the Plan documentation to reflect changes in your circumstances
- VAT registration and quarterly returns, if required
- Providing such other services as may, in Our opinion, be required from time to time to ensure the smooth running and continued adherence to the requirements of HMRC or any other relevant statutory body including the submission of an annual scheme return
- Work in connection with any investigation of your Plan by HMRC, the FCA or any other regulatory body
- Registering for and supplying Legal Entity Identifier(s) to enable trading in certain financial instruments, where required
- Arranging for the transfer of the assets of your Plan to another pension scheme, if required.
Charges
- The charges for establishing and administering the SIPP are detailed in the Sippchoice Bespoke SIPP Fee Schedule. Our charges for the services described above are as follows:
- For clients introduced by an intermediary, the establishment fee will be deducted from the Plan default bank account as soon as the account receives funds, unless you agree another payment method with Dentons. If there are no funds within the Plan to meet the establishment fee, you will be liable to pay for these personally.
- For non-advised or direct clients, the establishment fee is required in advance this can be made either by bank transfer or by enclosing a cheque made payable to 'Dentons Pension Management Limited'.
- Additional Administration services are charged on a time-recorded basis. The charging rate for each member of Dentons' staff reflects their skill and ability. We will always endeavour to ensure the staff member best suited for the cost-effective operation of the Plan carries out any required work.
- Fees for administrative services will be invoiced to the Plan and deducted from the Plan default bank account half yearly in arrears, but We reserve the right to invoice more frequently if appropriate.
- If there are no funds in your Plan to meet the fees for administrative services, you will be liable to pay for these personally.
- Alternatively, in the event that there is insufficient cash held within your Plan to meet Our fees We reserve the right to disinvest assets held within your Plan to settle Our invoices and other payments that have become due. In this event, We would usually disinvest from your most recent investment(s) made, but will take other factors such as ease of disposal into account.
- In the event of a tax charge arising which is not settled in full from the fund, you will be personally liable to meet any such charges together with any additional costs incurred by the scheme administrator. These charges will be in addition to any administration charges incurred.
- Dentons reserves the right to review fees when necessary and to increase them annually on 1st January.
- Fees will be invoiced on the due date for settlement within 28 days. We reserve the right to charge interest at 8% per annum above the Bank of England Base Rate to any balances which are not settled within that timescale.
- Please note: All fees are subject to VAT.
- A copy of the Sippchoice Bespoke SIPP Fee Schedule, outlining a full breakdown of the fees, is available on request.
- For non-advised or direct clients the establishment fees are required in advance.