The Pilgrim SIPP
Having been active in the SIPP market for some years, it was a logical development for us to establish our own arrangement.
Thus we established Pilgrim Trustee Services Ltd - and firstly sought approval as pensioneer trustees. Then we are able to move forward to establish the Pilgrim SIPP.
The Pilgrim SIPP was set up under a master trust between Pilgrim Trustee Services Ltd and Bank of Scotland. The Pilgrim SIPP is registered with HMRC.
The Pilgrim SIPP is established through a supplemental deed that introduces either a single member or a group. The supplemental deed puts in place the member as a trustee, alongside any additional trustees if the member so requires. Pilgrim Trustee Services Ltd act as an independent trustee in relation to every SIPP that is arranged in this way.
 The
Pilgrim SIPP is operated through a bank account that is arranged
with Bank of Scotland. This is an interest-bearing current
account which enjoys market attractive interest rates. All
transactions associated with the Pilgrim SIPP go through the
members bank account. The signatories to the bank accounts
are the member and any director of Pilgrim Trustee services
Ltd.
Frequently the initial funding for a members Pilgrim SIPP is by way of transfer values from other pension arrangements. The Pilgrim SIPP is also able to accept contributions from the member and where appropriate the member's employer.
The member may then take advice from Premier Financial Solutions, another firm authorised and regulated by the FSA, or, may make his or her own investment decisions.
Permitted investments within the Pilgrim SIPP include shares in listed companies, government stock, unit trusts and OEICs, investment trusts, and direct investment in commercial property. The member's fund is allowed to borrow up to 50% of the fund value if need be to make possible a particular iinvestment.
For those who wish to take benefits from the Pilgrim SIPP that can be achieved by using the fund to provide a tax-free lump sum and to secure an annuity with an insurance company. Alternatively, income may be drawn from the fund within the framework of rules set by HMRC.
Read
more about HMRC rules relating to pension
benefits.
| The
main advantage of establishing a Pilgrim SIPP is to obtain
control over the investment of your pension fund.
Many people have, lost confidence in the more traditional
methods of saving for a pension and prefer to have control
over their investments. The Pilgrim SIPP helps such people
to achieve precisely that. |
|
John
Pugh B.Sc., APMI, FSFA, FLIA dip Mgt is Managing Director
of Pilgrim Trustee Services Ltd and Pensions Director
of Premier Financial Solutions (UK) Ltd. |
Many
of the rules that determine how SIPPs operate, in particular
relating to permitted contributions and investments changed
from 6 April 2006. These changes are because of what has been
called pensions simplification.
To find out more about the Pilgrim SIPP please contact us at 0845 226 4823 or fax your enquiry on 01278 457673.
Or email :
sward@premierfinancialsolutions.co.uk
Pilgrim Trustee Services Ltd is an independent trustee company, registered in England 04399012, at 44 North Street, Bridgwater, Somerset, TA6 3AF.
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