About your pension
interactive investor has become your new Scheme Operator, working with a specialist partner, pensions experts BW SIPP LLP.
The same benefits for you
With the interactive investor SIPP, you will still benefit from fair, flat fees and a wide investment choice to help grow your pension pot. And when the time comes to take your money out you will also still have access to all the same flexibility as before. You will be able to use your pot to:
- take tax-free cash (normally up to a quarter of your pension pot).
- provide a flexible retirement income.
- buy a guaranteed income for life.
- take money out as one or more lump sums.
Understand your SIPP
Keep your SIPP updated
Useful guides
Provide your expression of wishes
Your Expression of Wishes tells us who you would prefer your pension pot to go to when you die.
Your previous ATS Expression of Wish beneficiary instructions have not been transferred. You can login now and easily add your Expression of Wishes online on the SIPP administration page.
You should review and, if needed, update your Expression of Wishes regularly, especially if there is a change in your personal circumstances.
The ii SIPP is aimed at clients who have sufficient knowledge and experience of investing to make their own investment decisions and want to actively manage their investments. A SIPP is not suitable for every investor. Other types of pensions may be more appropriate. The value of investments made within a SIPP can fall as well as rise and you may end up with a fund at retirement that’s worth less than you invested. You can normally only access the money from age 55 (age 57 from 2028). Prior to making any decision about the suitability of a SIPP, or transferring any existing pension plan(s) into a SIPP we recommend that you seek the advice of a suitably qualified financial adviser. Please note the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future.
About your new SIPP scheme
interactive investor has become your new Scheme Operator, working with a specialist partner, pensions experts BW SIPP LLP. Interactive investor is the operator of the scheme and administers it in line with the trust deed and rules. BW SIPP LLP is the scheme practitioner, and has been appointed by ii to carry out day to day administrative tasks on their behalf.
Investor SIPP Trustees Limited is the trustee and acts as a bare trustee - it's sole purpose is to hold the scheme assets for the benefit of the scheme members.
BW SIPP LLP is the Scheme practitioner and that includes liaising with HMRC on your tax reclaims, paying your pension benefits and providing your annual SIPP statements.
Making cash contributions
The quickest and easiest way to make personal contributions is via your online account. No contribution form is required for the following:
- debit card (one-off): log in and select 'add cash' from the 'cash & transfers' menu.
- direct debit (regular, monthly) personal contribution: log in and from the ‘account’ menu select ‘add an account’. Click on ‘Account upgrades’ from the section menu to choose ‘Regular Payments’ to set-up your personal, regular, contribution.
- internal transfer (one-off and regular, monthly): log in and select 'withdraw/transfer cash' from the 'cash & transfers' menu
To make a personal contribution by bank transfer and arrange contributions from your employer or another person, complete an ii SIPP Contribution Form.
Transferring existing pensions
Having opened your ii SIPP, use our online SIPP Transfer process when you want to bring other pensions together in your account.
- For transfers of pensions with defined or safeguard benefits of £30,000 or more (such as a 'final salary' pension) you will also need to take independent advice that confirms the transfer is in your best interests and you and your adviser will need to complete a SIPP Financial Advice Declaration Form. Where the transferring value is less than £30,000 we will normally accept it without advice where the value represents no more than 10% of the value of your SIPP. If in doubt, please contact us before starting your transfer.
- If you are considering transferring an overseas pension to your ii SIPP, please contact us with details beforehand and we will confirm whether or not we can accept it.
Start taking benefits for the first time:
Choose from the options available to achieve your preferred mix of lump sums, regular income and annuity purchase.
Taking Pension Benefits Form
Download and complete a Taking Pension Benefits form to start the drawdown process.
Benefits Questionnaire
Once we've received your Taking Pension Benefits Form we'll send you a questionnaire to complete and return.
Benefits Confirmation
The final step once we've processed your questionnaire is to confirm the benefits you're taking.
Once we’ve received a form it typically takes five workings days to process and send you the next step. However, timescales can vary depending on your request. You will be notified when the documents for steps 2 and 3 are available online.
Taking additional benefits from a Flexi-Access Drawdown SIPP:
- To move further funds into Flexi-Access Drawdown, complete a Taking Pension Benefits form.
- To start or amend income payments from your existing Flexi-Access Drawdown fund, complete a Starting/amending income payments for flexi-access drawdown form.
- To take a UFPLS (Uncrystallised Funds Pension Lump Sum) payment from funds that are not already in drawdown, or to purchase an annuity, complete a Taking Pension Benefits form.
Taking additional benefits from a Capped Drawdown SIPP:
- To move further funds into capped drawdown, or convert your existing capped drawdown arrangements to Flexi-Access Drawdown (FAD), complete a Taking Capped Drawdown Benefits form
- To start or amend income payments from your existing Capped Drawdown fund, complete a Starting/amending income payments for capped drawdown form.
- To take an UFPLS payment from funds that are not already in drawdown, or to purchase an annuity, complete a Taking Pension Benefits Form
Frequently Asked SIPP Questions
Have my old Expression of Wish settings been transferred?
Your Expression of Wishes tells us who you would prefer your pension pot to go to when you die. Your previous ATS Expression of Wish beneficiary instructions have not been transferred. You can login now and easily add your Expression of Wishes online on the SIPP administration page.
You should review and, if needed, update your Expression of Wishes regularly, especially if there is a change in your personal circumstances.
Important information about income payments
If you were previously using an ATS SIPP to provide a flexible retirement income using the drawdown method, ATS paid you this income on the 20th of each month. After the move to interactive investor this date will change to the 15th of each month. If you are taking your money out as one or more lump sums using the uncrystallised funds pension lump sum (UFPLS) method, you can continue to request payments on an ad hoc basis.
Requesting regular UFPLS payments
If you had a regular UFPLS payment with ATS, this has now stopped. From 14 October 2019 you will need to begin requesting each payment individually or choose an alternative income option. Find out how this works here.
Are there any changes when it comes to making contributions?
You, or your employer, will continue to be able to make regular or one-off contributions to your SIPP with interactive investor. Existing regular contribution instructions have been moved over with your account but there may be a change to the date these contributions are invested.
What about legacy capped drawdown arrangements?
If you had a legacy capped drawdown arrangement in place with ATS, interactive investor will still support it after the move. If you wish, you will also still be able to transfer legacy capped drawdown arrangements from elsewhere into your interactive investor SIPP account.
Separate Terms
You will have separate Terms for your SIPP account to interactive investor’s main Terms of Service. There will also be a new Trust Deed for the SIPP scheme of which your account is a part.
Investor SIPP Trustees Limited is the trustee of the interactive investor SIPP scheme. Its sole purpose is to hold the scheme assets for the benefit of you and all the other scheme members. Find all of these important documents here
This page aims to provide you with a summary of the different investment options, tools, apps and services available to ii customers. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Please visit the relevant product pages for more information and any associated risks. Please remember, the value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest.