Home > Services > Small Schemes (SIPP and SSAS) > Self Invested Personal Pensions (SIPP) > BWSIPP
BWSIPP
Tell me about BWSIPP
BWSIPP is the main section of Barnett Waddingham Self-Invested Personal Pension ('BWSIPP'). BWSIPP may be of interest to you if you wish to have a pension arrangement that is not tied down to one type, or provider, of investments. BWSIPP provides you with the opportunity to invest in a wide range of investments.
Can I and/or my employer make contributions?
Yes, the contribution limits are high. The maximum contribution that you personally can pay
gross in any year is 100% of your relevant UK earnings, or £3,600 if higher.
Your employer may also make contributions but if the total contributions in any year, from you and your employer combined, to all pension arrangements exceed £235,000 (the current 'Annual Allowance'), then the excess will be taxed on you as a P11D benefit. There is also a risk that your employer may not get Corporation Tax Relief on any employer contributions exceeding 100% of your relevant UK earnings (even if the total contributions are within the Annual Allowance).
Can I transfer other pension arrangements?
Yes, you can consolidate your other pension arrangements into your BWSIPP including any 'protected rights' (these are in respect of you giving up part of your entitlement to the State pension scheme). Please note that you cannot use your BWSIPP to contract-out of the State Second Pension as it cannot accept National Insurance rebates.Why you would want one?
BWSIPP gives you complete control over who you select to provide services to your pension scheme. BW SIPP LLP would take care of the scheme administration and BW SIPP Trustees Ltd would be Trustee of your SIPP together with yourself. You would be free to choose your own investment advisers, solicitors, accountants and investment providers as you see fit.
A bank account would be set up for your SIPP. This would be the bank account into which contributions would be paid. The interest rate on this account is currently 0.20% below bank base rate (for deposits of all sizes). We also offer a no-notice deposit account paying an even higher rate.What it costs
There is a set up fee and an annual administration fee. Click on the link below for a note of our current fees.
A wide range of investments
One key reason why BWSIPP is popular is that it offers a wide range of investments that may be selected by the pension holder or their adviser.
Investment into stock markets can be made directly by using online trading platforms or through an appointed stockbroker. We also welcome direct investment into boutique fund managers and our sister company,
Barnett Waddingham Investments LLP, is happy to assist with the placement of investments.
Property investment and leasing back to your company
If you are interested in property, we pride ourselves as being expert in dealing with pension property transactions. You may appoint your own solicitor and property manager and we will guide them and you through the process. Pension monies may be used for land and commercial property transactions, but residential property cannot be purchased. The property can be leased to your company and BWSIPP is able to transact with you or your company over the property sale/purchase.
If finance is required, you may approach your own bankers. Pension funds may gear up within certain limits, to help fund a property purchase for example.
For further information
Click on the links below to learn more about BWSIPP.
Our consultants would be pleased to hear from you directly if you wish to discuss this over the telephone or face-to-face. Please
email us for more information.
Click
here for information on Barnett Waddingham's other SIPP - BWsmartSIPP
Related DocumentsBWSIPP Fee Schedule (158.68 KB, .pdf)BWSIPP Key Features - June 2010 (164.79 KB, .pdf)