Pensions

The management of personal pensions is a growing area of Heritage’s business. Traditionally pensions were based around company schemes that were responsible for providing employees with an income after they retired. However, this type of arrangement ( known as defined benefit ) has now been largely replaced by personal pensions, where contributions to an individual’s own pension ( a defined contribution scheme ) are used to build up a fund and the investment portfolio is then used to generate an income in retirement. This transfer of responsibility and risk from employers onto individuals has meant that most people now need professional assistance with their pension management, which is  where Heritage is able to help.

Introduction to SIPPs

A SIPP is simply a personal pension that allows you choose your own investments or make your own choice of investment manager when it comes to saving for your retirement.

The great attractions of SIPPs are their flexibility and transparency – in marked contrast to the traditional personal pensions managed by large life assurance companies.

A SIPP can be funded by transferring benefits from an existing pension plan and/or through contributions from yourself or your employer, subject to annual and lifetime contribution limits.

With our well-established background of managing trust and pension monies and commitment to personal service, Heritage is ideally placed to assist clients with the management of their SIPPs.

How it works

We work with our clients to establish an investment strategy for the SIPP that will be suitable for their individual circumstances. Our focus on building long-term client relationships also enables us to ensure that the pension portfolio continues to meet its objectives over its full lifetime.

If you are interested in opening a Heritage SIPP account we would be most happy to discuss your requirements in more detail and provide the necessary documentation.

As well as the investment management there is also the need for a SIPP administrator and a pension advisor.

Pension Administrator

The pension administrator provides the SIPP vehicle itself and carries out all aspects of pension scheme provision and administration. For clients who are looking to establish a new SIPP we are able to arrange this via a reputable company who we believe are able to offer an excellent and cost effective service.

Pension Adviser

The pension adviser is responsible for providing advice on matters such as pension transfers, contributions, tax implications and drawdown arrangements. The need for such advice will depend upon the complexity of an individual’s pension affairs and their own level of knowledge. Heritage does not carry out this role as it is a separately regulated business, however, we can recommend a suitable adviser if required.

A Guide to the Heritage Self-Invested Personal Pension (SIPP) Account

Download a copy of our Self-Invested Personal Pension (SIPP) Account PDF

Download

Important note

This guide is intended only as an introduction to SIPPs and professional advice should be sought as to the suitability of a SIPP.

Heritage is an investment manager and not a financial advisor so if you require any advice as to the suitability of ISAs and how this fits into an overall financial plan you should seek appropriate financial advice – which we are happy to arrange through an association we have with a well established regulated advisor.