Flexible SIPP: direct application
Providing maximum flexibility in planning for, and drawing benefits in, retirement
Important information, please read prior to proceeding with your application.
Before applying for a Self Invested Personal Pension (SIPP) you must be satisfied that it is a suitable type of pension for you. Generally SIPPs are suitable for individuals who have built up a significant pension fund and are happy to pay higher fees and charges to be able to invest in a wider range of investments that are not available with other types of pension. For many people though, the other pensions available offer a sufficiently large fund range at a lower cost than a SIPP. An example of such a pension is a stakeholder pension.
The Flexible SIPP is a complex financial product with explicit charges for management and administration which could involve higher charges than other types of pensions available such as stakeholder pensions or other personal pensions. Whilst the Flexible SIPP offers wider investment choice, meaning that you can access higher risk investments, it adds to the costs of the pension. If you're looking to invest predominantly in cash or cash-like assets, the Flexible SIPP is unlikely to be an appropriate product for you. Please ensure you read our Schedule of Fees carefully before proceeding with an application.
Many investments come with risks attached to them, whilst you may consider past performance in making your decisions there are no guarantees that this can be repeated and should not be considered as an indication of what can be achieved in the future. It is important you understand the risks that you are accepting when making investments.
A SIPP may be the only pension that will enable you to invest in certain investments. However, it is important you are satisfied that investments you choose are appropriate for you, with particular consideration as to how much risk you are taking with your pension fund. You should also consider the liquidity of the investments you choose; this may frustrate retirement plans in the future if you cannot sell your investment when you wish to take retirement benefits from your SIPP. BW SIPP LLP is unable to advise you on the suitability, or otherwise, of your chosen investments.
If you are looking to transfer existing pensions to a Flexible SIPP you should understand how the transfer will be made. Some providers will be able to carry out transfers of the actual assets (in-specie transfer) but if you choose / must transfer as cash you need to consider that there could be changes in the market during the transfer period which could adversely affect the value of your pension. You also need to consider whether there are any penalties or exit charges for transferring. In addition you may be giving up valuable benefits when transferring such as:
If you are transferring funds that are already in drawdown or partially in drawdown, it is important that you read the ‘Investing for Drawdown’ leaflet before starting your application.
Please note that whilst there may currently be tax benefits available with the SIPP and/or your underlying investments this can change over time and will also depend on your personal circumstances.
We appreciate that reading forms is not everyone's favourite pastime, however, before selecting the Flexible SIPP it is especially important that you read the Key Features Document, Trust Deed and Rules, Terms and Conditions and the Glossary. We've tried to keep our literature simple and jargon free but there are some important points that we must make you aware of so that you can decide whether the Flexible SIPP is right for you. If there is anything in our documentation that you do not understand, please ask; whilst we are not able to advise you on the most suitable options for your circumstances we can explain our product to you in more detail or answer questions in relation to our literature that you are not sure about.
If you wish to find a financial adviser, we suggest you visit: www.unbiased.co.uk.
You need to submit the original signed application form to us plus
Please post the full pack to:
BW SIPP LLP
PO Box 1209
You can choose a more local office to administer the fund ongoing, but Cheltenham will initiate the set up process.