Introduction
The
following notes will help you understand the structure of
the MW SIPP and ensure that Inland Revenue
(IR) requirements are met in any advice you may provide
to your clients. The MW SIPP is cost-effective
and flexible. You can invest pension scheme assets in areas
other than in insured pension funds. There is also no contractual
minimum contribution and the member can pay at whatever
level they choose within IR limits. No penalties are applied
should the member wish to vary contributions or retire early.
There is a full range of IR permitted investments.
Commercial property can be bought, with a mortgage
if necessary. This can be leased to an unconnected third
party or the member’s own business. The rent must
be commercial and is paid back into the SIPP. The
SIPP takes advantage of income withdrawal rules,
introduced in the Finance Act 1995. When combined with the
phased retirement facility it offers a very flexible tax
planning tool. Pointon York is the provider
and administrator for the MW SIPP. They
have won awards for the quality of the service they provide.
MW Pensions Ltd and its subsidiary MW SIPP
Trustees Ltd provide trustee services.
MW Pensions Ltd is a firm of experienced pensions
professionals and trustee specialists with many years of
pensions experience. We do not give financial or
investment advice. We specialise in Trusteeship
and leave the financial advice to the specialists.
Groups
of Individual SIPPS (Syndicates)
Syndicates
can jointly purchase assets – most often commercial
property. Each SIPP raises its own finances, e.g., from
a commercial lender and the assets will be owned in common
by the trustees of each SIPP. More details are available
in our Property Information Notes. Legal ownership of the
assets is vested in the name of MW SIPP Trustees
Ltd. All cheques are signed by MW SIPP
Trustees Ltd. Beneficial ownership is vested in
the member. The trustees will be your client when you are
advising on investments and you should agree your fees directly
with them.
Transfers
We can transfer other approved pension benefits
into the SIPP using the appropriate documentation. Please
discuss with us.
Investments
As trustees we must ensure that any investments are consistent
with IR regulations/guidelines. If in doubt please discuss
with us.
Property
Purchase
Supplementary literature is available on request. We have
a great deal of experience in the purchase of commercial
property. We also offer a comprehensive Property Service
Portfolio covering:-
• Legal services/conveyancing
• Contamination research
• Lease arrangement/valuation
• Survey/consultancy
• Property management
• Commercial mortgages
• High interest bank account
