Self-Investest Personal Pension (SIPP)
What is a SIPP?
A Self-invested Personal Pension (SIPP) is a type of pension introduced for people who want an alternative to workplace pensions. They offer tax-benefits with the UK Government giving a 20% basic tax relief with the additional benefit of Inheritance Tax not applying to SIPPs.
For the 2023-2024 tax year, the annual allowance for SIPPs is £60,000. So, whichever is lower between your annual income and £60,000 is the maximum amount you can contribute into your SIPP; but your employer can also contribute into your SIPP.
You can also ‘carry forward’ unused allowances from the previous three years. To understand how this works and the calculations used, please read our SIPP Key Features Document
You can either set up a completely new SIPP with MoneyShe or cash in an exisitng SIPP and transfers the money into our SCM SIPP tax wrapper.
There is an online application process to create the SCM SIPP wrapper where you’re able to select the type of portfolio you would like to invest in along with your personal and financial details.
See here for Tax reclaim information.
MoneyShe/MoneyShe only takes cash transfers into our SIPP tax wrapper.
Once you have successfully opened an MoneyShe account, the account information will be sent to your current SIPP provider for transfer into your new SCM SIPP account.
Once funds have been transferred, they will be invested, normally, the first business day of the following week.
There is no set up or initial fees.
The maximum annual charge is £50 +VAT.
The ongoing annual fee is 0.1% +VAT; subject to a minimum annual charge of £15 +VAT.
There are no additional charges for transfers in and the fee for transfers out will not exceed the previous year’s fee.
An additional annual fee of £125 +VAT applies to any SIPP that is in drawdown.
For investment outside of the MoneyShe Portfolio held within a SIPP wrapper – such as commercial property, divorce & death – any request or requirement would be quoted to you directly by our SIPP administrator, before any work is carried out.
When you choose to open a SIPP with MoneyShe you will be entering into a tri-party arrangement, with your money held on the Hubwise Securities Ltd platform as a “Hubwise SIPP”, and SS&C Hubwise Ltd acting as the authorised SIPP administrator. MoneyShe are the discretionary investment manager of your money held within the SIPP tax efficient wrapper.
By choosing to open a SIPP with SCM, it’s important that you understand you are agreeing to be bound by the Terms & Conditions of SS&C Hubwise Securities Ltd.
Once your SIPP application is successful and your account is open and funded, you can view your SIPP 24/7 by logging into your account via the SCM website.
Hubwise Securities Ltd, is the SCM custodian for client money, and is responsible for holding all assets (including ETFs) on your behalf.
Hubwise Securities Ltd is a UK registered company (Number 06071374) and is authorised and regulated by the Financial Conduct Authority (Number 6071374). It has permission to hold client money, safeguard and administer (provide custody for) assets for professional and retail customers.
Hubwise Securities Ltd have insurance in place for Professional Indemnity and Crime as well as an agreement between Hubwise Securities Ltd and Hubwise Nominees Ltd to further strengthen asset security. They have no trading-book exposure as they only act as an agent to place aggregated deals with Fund Managers for collective investments and market counter-parties to place deals in securities.
Now you have selected your account (SIPP), the next step in the process is to select the portfolio you wish to
be invested and use our portal to create your account!
Please click here to view our portfolios to see which one is right for you.