How do you set up a SIPP?


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

Thanks Joanne 

  • 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. 



  • in reply to Adam Smallman

    Thanks Adam that is most helpful!

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