How do you set up a SIPP?

Hello

I was wondering whether anyone knows how to set up a SIPP? 

Thanks Joanne 

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  • Hi Joanne 

    Self-invested personal pension works in the same way as a personal pension, however, the schemes provide a wider choice of Investments. A SIPP is a way of building up pension funds for retirement. To see if a SIPP is right for you it would be worth engaging with an adviser to receive a recommendation, an adviser can establish if a SIPP is needed and if its right for your individual circumstances.

    IFA process:

    An initial meeting with a client takes place where the initial disclosure documents are provided. After a brief discussion, if the client is happy to proceed the adviser completes the Fact Find where they understand the client’s current circumstances and requirements.

    The adviser now does a whole market research and after assessment provides a recommendation to the client with the provider and funds selected. As we have seen with the definition above, a SIPP involves more detailed analysis due to a wider choice of investments offered. This includes investing in shares, collective investments, investment trusts and property (but not residential property).

    SIPPs are not suitable for everyone; therefore a deep analysis of the situation needs to be made by the Financial Adviser to understand if this is suitable for the client.

    Any further question just let me know. 

    Thanks 

    Adam

  • in reply to Adam Smallman

    Thanks Adam that is most helpful!

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