Investment Guide SIPP

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1 2013 SIPP Investment Guide

2 The Barnett Waddingham SIPP is defined by its ability to deal with all manner of allowable investments and by the personal service offered by our staff to business introducers and clients. Julia Bassett, CEO, BW SIPP LLP

3 Introduction Funds held within a Barnett Waddingham SIPP can be invested in all manner of ways. We are totally independent, with no ties to any fund manager or insurance company. This allows pension benefits to be invested in a very wide range of assets and for a portfolio to be constructed to meet individual circumstances and aspirations. There is a wide range of SIPPable investments that we allow including joint property ventures, unquoted shares, in-specie contributions of property and investment portfolios, as well as the more standard and conventional investments such as deposit accounts, investment funds and online share dealing accounts. Our commercial property offering is all encompassing including transactions with SIPP members and connected parties, purchase at auction, syndicates and joint ventures. We have properties owned by multiple Barnett Waddingham SIPPs, properties owned with other third parties or SIPP providers, and properties owned jointly with members and their companies. Whilst you can direct how money is invested, each investment has to be agreed first by BW SIPP LLP so that we can confirm that it is allowable under our SIPP rules and meets our regulatory responsibilities. On occasion, this will mean that investments are rejected as a reflection of their structure, rather than their expected performance or suitability for you personally. The purpose of this guide is to provide more detail about which investments are SIPPable and how we review such investments. Do remember that our considerations as to whether we will allow a particular investment in your Barnett Waddingham SIPP should in no way be construed to imply or confirm that the investment is appropriate or suitable for you and your particular circumstances. PAGE 02

4 SIPPable Investments The table below gives examples of some of the more popular investments that are used within the Barnett Waddingham SIPP all the major asset classes are included. The Barnett Waddingham SIPP Terms and Conditions require us to have ultimate control over the investments we accept. We will therefore refuse investments if we consider it likely; that the investment will incur tax charges from HM Revenue & Customs; that there could be a contingent liability (that is you could lose more than the original investment); that there could be other liabilities raised against the Barnett Waddingham SIPP outside of your own personal plan; that there could be other liabilities raised against either BW SIPP LLP or BW SIPP Trustees Limited (or any other entities owned by Barnett Waddingham LLP) that the investment does not satisfy other requirements as described in this document. The most common investments that we have to turn down are those that would give rise to tax charges under pension legislation and so are not allowed under our SIPP rules. These include residential property (whether used by the member or let out as a commercial operation), loans to members or their family and investment in pride in possession assets such as works of art and fine wine etc. Popular SIPPable investments Non-SIPPable investments Cash deposits Fixed Interest stocks Quoted shares (both UK & overseas) Unit Trusts Commercial Property UK Real Estate Investment Trusts (REITs) Unquoted shares Hedge Funds Open Ended Investment Companies (OEICs) Residential property Loans to members or their families Loans to members businesses Plant & Machinery Works of art Fine wine Classic Cars Your adviser or your Barnett Waddingham SIPP consultant will be able to help you understand what investments may be purchased using your Barnett Waddingham SIPP funds. Certain investments will be referred to our internal investment committee or to our external SIPP investment consultants. You should also be aware that connected transactions, such as assets bought from or sold to you, or property let to your business, must take place at market value and we will require written independent evidence of such, addressed to us, before agreeing to the transaction. We set out on the following pages our requirements in more detail for various asset classes. PAGE 03

5 Mainstream investments This is a generic term that we use to encompass the following investments that are often permitted within SIPPs: Cash deposits Quoted stocks and shares Online share dealing accounts Fund supermarkets Platforms Discretionary Fund Managers Collective Investment Schemes Cash Deposits Bank of Scotland provide the main account for your SIPP and we have negotiated interest rates with them on your behalf. This account is used for receiving contributions and transfer payments, making gross pension payments to our payroll account and other transactions that need to be properly audited. The account should be used for transactions rather than for holding cash long-term. Any strategic holding of cash should be placed on higher interest accounts. We also negotiate rates for deposit and term accounts and can provide details of our latest agreed rates. Where we negotiate rates, we will usually receive some remuneration from the bank and as a consequence we do not charge for the set up of such accounts. At the time of writing this includes accounts with Bank of Scotland and Scottish Widows. Details of these arrangements can be found in the Barnett Waddingham SIPP Schedule of Fees. You are free to choose other banking institutions to hold your cash but you or your adviser will need to research the rates and we will charge for our time in completing the account opening procedure. We will also need to check that the account can accept pension monies - rates offered by banks to personal customers are not usually available for SIPP deposits. Deposits may be held in non-sterling currencies, including US Dollar and Euros. The Financial Services Compensation Scheme (FSCS) is the compensation fund of last resort for customers of authorised financial services firms (which include banks). If a firm becomes insolvent or ceases trading the FSCS may be able to pay compensation to its customers. The compensation limit for bank deposits is currently 85,000. The FSCS have told us that bank deposits eligible for FSCS protection will be combined with any personal deposits that you might have when assessing the maximum compensation due. So, for example, if you have 70,000 in a Bank of Scotland account within your Barnett Waddingham SIPP and 30,000 personally, you will only be entitled to compensation of up to 85,000 in total despite each account holding less than 85,000. The FSCS have not indicated how compensation will be split between the SIPP and personal monies in that instance. PAGE 04

6 Quoted stocks & shares Your Barnett Waddingham SIPP can hold quoted stocks and shares either directly or via an investment account, platform, nominee or custodian. Examples of such quoted investments are: Company shares Fixed interest securities Loan notes Gilts Stocks and shares held directly will be registered in the name of BW SIPP Trustees Limited and you, as trustees of your SIPP plan. If not held directly, the account opening form will need to specify that the account is for your SIPP and accounts that could incur liability to the SIPP are not permitted. See later for our requirements for unquoted shares. Online share dealing accounts Online share dealing accounts are permitted provided they can meet our administration requirements for provision of valuations and restricting payments from the trading account to the SIPP account with Bank of Scotland. We have a pre-approved list (available on request) of online providers that have passed basic due diligence with us and have agreed an application process with us. Other providers can be used, but the fees for setting up accounts with them will be higher as the application process has not been pre-approved and we would not have necessarily conducted due diligence on them. We will need to be involved in the set up of the online account so you or your adviser should contact your Barnett Waddingham SIPP consultant rather than applying yourself online. PAGE 05

7 Fund supermarkets Fund supermarkets are permitted provided they can meet our administration requirements. We have a pre-approved list (available on request) of fund supermarkets that have passed basic due diligence with us and have agreed an application process with us. Other fund supermarkets can be used, but the fees for setting up accounts with them will be higher as the application process has not been pre-approved and we would not have necessarily conducted due diligence on them. We will need to be involved in the set up of the account so you or your adviser should contact your Barnett Waddingham SIPP consultant to progress. Platforms Platforms are in principle permitted within the Barnett Waddingham SIPP. However, we will need to agree terms with each platform provider separately before the platform can deal with your Barnett Waddingham SIPP and so you or your adviser should contact us as soon as possible if you wish to use a particular platform. At the time of writing, we have signed up with the AXA Elevate platform for use by advisers. Discretionary Fund Managers We have a pre-approved list (available on request) of discretionary fund managers that have passed basic due diligence with us and have agreed an application process with us. Other discretionary fund managers can be used, but the fees for setting up accounts with them will be higher as the application process has not been pre-approved and we would not have necessarily conducted due diligence on them. PAGE 06

8 Collective investment schemes Collective investment schemes are structured in a variety of ways, most of which are permitted within the Barnett Waddingham SIPP. The list below, which is not exhaustive, confirms which structures are permitted. Insurance company funds including with profit and traded endowment policies Undertakings for collective investments in transferable securities (UCITS) schemes falling within the EU s UCITS Directive 85/611 Non UCITS retail schemes [though note that we treat these as esoteric investments] Exchange traded funds*: o that comply with the UCITS directive; or o admitted to the London Stock Exchange or another list maintained by a competent authority in another EEA state (Official List) or HMRC recognised stock exchange; or Authorised unit trusts UK resident and authorised under the Financial Services and Markets Act 2000 (FSMA) Open ended investment companies (OEIC) and other similar collective investment schemes (regulated collective investment schemes) that are: o UK incorporated and authorised by the FSA; or o constituted in an EEA member state and authorised by the appropriate authority and is an FSA recognised scheme under section 264 FSMA; or Unregulated collective investment schemes listed on an Official List or HMRC recognised stock exchange [though note that we treat these as esoteric investments] Real estate investment trusts (REITs) listed on an any stock exchange Tax exempt property unit trusts and similar property collective investment schemes Tax exempt unauthorised non-property unit trusts Unregulated non-property collective investment schemes that are not listed on an Official List or HMRC recognised stock exchange *We do not allow exchange traded funds not listed on an Official List or HMRC recognised stock exchange that do not comply with the UCITS directive. PAGE 07

9 Property investments You can access property investment via your Barnett Waddingham SIPP either directly or indirectly such as via UK REITs, pooled property funds and other allowable collectives. If investing via an unquoted company or property investment LLP, please see the relevant section under esoteric investments. Investing directly in non-residential property is allowed within the Barnett Waddingham SIPP rules and we have a separate guide to investing in property which gives further details. The key points are: Residential property is not allowed. UK commercial property is generally allowed where there is low environment risk. Overseas commercial property is also allowed, provided that the territory can recognise a UK pension as the legal owner, but you should be aware that the purchase, running and sale costs are likely to be considerably higher than for a UK property. Land may be purchased, provided it is not connected to residential property. Property that is not commercial property but is not treated as residential property for the purposes of pension taxation legislation is also permitted. This might include job-related property, hotels, student halls of residence etc. Property development is permitted, though care must be taken to make sure that your Barnett Waddingham SIPP does not end up owning residential property. This will require an exit strategy agreed with us before the development proceeds. The following property transactions are referred to our internal investment committee for sign off before proceeding: non-standard transactions, such as those with environmental risks or unusual features such as a potential residential element; high-value transactions, being those worth over 500,000; overseas transactions. PAGE 08

10 Esoteric investments This is a generic term that we use to encompass the following investments that are not often permitted within SIPPs: Unquoted stocks and shares Limited Partnerships and LLPs Loans Commodities Unregulated Collective Investment Schemes (UCIS) Structured Products Warrants, futures, options, and other derivatives Contracts for difference and spread-betting All proposed investments into esoteric investments are passed for review to our internal investment committee. Unquoted stocks and shares Your Barnett Waddingham SIPP can in principle invest in unquoted stocks and shares although where the underlying company is connected with you, we may not be able to proceed due to the potential for the Barnett Waddingham SIPP to be deemed to be investing indirectly in assets that are not permitted. If the company is connected with you (generally meaning that you and/or your family either control/own over 50% or you are a director and you control/own 20% or more) then we will first need to confirm that the company does not own either residential property or tangible moveable property. Whether connected or not, prior to agreeing to an investment in an unquoted company, we will also appoint an outside firm to conduct legal due diligence on the investment, at your cost payable whether investment proceeds or not. Once we receive the legal due diligence and any declarations regarding residential property and tangible moveable property if appropriate, we will confirm if the investment can proceed or whether there are further concerns. Investment in unquoted shares may provide an opportunity for tax abuse and as such HMRC pay close attention to these investments, hence the need for external due diligence. All proposed investments into unquoted assets are passed for review to our internal investment committee. PAGE 09

11 Limited Partnerships and LLPs These are treated in the same way as unquoted shares, though it should be noted that investment in property investment LLPs is not tax-efficient as income, including any relevant stock lending fees, will be assessable to income tax and gains arising from the acquisition or disposal of assets as a chargeable gain liable to capital gains tax. Loans Your Barnett Waddingham SIPP can lend to third parties but cannot lend to you, companies controlled or connected to you, your family, or your family s businesses. Loans can only be made to genuine third parties and as such we would expect such loans to be on a secured basis, or have interest rates that reflect the risk involved of making unsecured loans. Loans from SIPPs may provide an opportunity for tax abuse and as such HMRC pay close attention to loans being made from SIPPs. We will therefore reserve the right to refuse unsecured loans where we believe there is the opportunity for abuse (e.g. where two SIPPs make loans to the two unconnected members, or where an unsecured loan is being paid to a start-up company). Commodities Your Barnett Waddingham SIPP can hold investment grade gold bullion but cannot hold other commodities (including silver, copper and oil). Investment grade gold bullion is gold of a purity not less than 995 thousandths that is in a form of a bar or a wafer, of a weight accepted by the bullion markets. PAGE 10

12 Unregulated Collective Investment Schemes (UCIS) These investments are only suitable for certain investors and the Financial Services Authority is monitoring their use within the SIPP industry. Such investments will only be permitted where the investment has met the due diligence of our external SIPP investment consultant and where you and/or your financial adviser has made the appropriate declarations to us. Structured Products Such investments are only permitted if they pass our basic due diligence requirement and to the extent that there is no recourse to your Barnett Waddingham SIPP beyond the value of your SIPP. Warrants, futures, options and other derivatives Such investments are only permitted to the extent that there is no recourse to your Barnett Waddingham SIPP beyond the value of your SIPP. Contracts for difference and spread-betting Such investments are only permitted to the extent that there is no recourse to your Barnett Waddingham SIPP beyond the value of your SIPP. PAGE 11

13 Risks to be aware of Our external SIPP investment consultants, SIPP Investment Platform, sets out some risks to be aware of when choosing investments for your Barnett Waddingham SIPP. They specialise in reviewing alternative, specialist investments although many of the principles set out below apply to investments generally. The risks listed are generic and not specific to any one investment and are included for information purposes only. Specific investments may carry additional risks not identified here. In all cases it is recommended that professional advice is sought from a suitably qualified and authorised adviser. What the returns are predicated on Consideration should be given to what events and/or investment conditions and/or economic conditions need to happen in order to provide a decent investment return. Examples of these include, but are not restricted to, increases in land prices, proposed occupancy rates of hotel rooms, future commodity prices linked to the underlying investment (whether timber, gold or electricity). Research should be considered to see if there is historical or current data that points to the likelihood of these events and/or conditions happening, or is the investment more a leap of faith that the projections will be met. Just because projection rates are included in the product literature does not mean the returns are guaranteed. It may be useful to apply some form of stress-testing to see what happens to investment returns if certain events or conditions are not met or are lower than the projected rates. The investment structure Often investments rely on a certain legal structure and/or certain parties performing functions to a required standard. It is worth examining the provenance of the structure and parties involved to see how robust this is and the experience the relevant parties have in performing the functions required, as well as any adverse history in their dealings. The risk is the legal structure could be challenged or has been poorly drafted and/or the parties involved may lack experience or financial capability to perform their functions adequately. Innovative and new markets Many of the alternative, specialist investments have been developed to exploit new and innovative opportunities that in many cases were not available previously to retail investors. This may mean that some investments may be unproven and to some extent still in development phase. Consequently there is a risk that some investments will simply not work as planned resulting in capital loss. PAGE 12

14 Reliance on others To what extent is the investment reliant on other parties, whether this is relying on a guaranteed income to be paid or for the promotion of a hotel room or obtaining planning permission on a piece of land. There is a risk that parties the investment returns are relying on simply may not perform or even go bust. Reliance on borrowing It may be that either the investment itself relies to some extent on borrowed money plus investor s funds to make the investment, or the investment is based on a level of borrowing by the pension scheme. Either way, where the investment is geared or leveraged (i.e. is based on borrowed funds) there is a risk the value of the underlying asset may drop below the outstanding borrowing, resulting in negative equity. Liquidity There may be a risk that the investment cannot be redeemed or sold in a timely fashion, perhaps due to the long term nature of the investment, penalties applying or simply no willing buyer due to market conditions or the value of the investment. Taxation Tax laws may change or the investment may be challenged by HM Revenue & Customs. Tax rules affecting pension based investment remains complex in parts so steps should be taken to ensure the investment has been structured with pension based investment in mind. Barnett Waddingham may ask you to sign a declaration confirming certain matters such as your total holding in an investment to make sure that tax exemptions apply. Unregulated markets/investments Many alternative, specialist investments in particular may operate in unregulated markets or the investments themselves may be unregulated meaning there may be no investor protection in the event of things going wrong, when compared to a regulated investment. PAGE 13

15 Economic conditions As with most investments, economic factors can clearly affect the performance of investments or the underlying assets. Conflicts of interest When looking at the parties involved in an investment, the question should be asked if there are any potential conflicts of interest. Examples may be where there are common directors between the investment provider and companies that have been engaged to carry out certain functions on behalf of the investment. Such potential conflicts should be declared by the investment provider and steps taken to ensure all connected party dealings are carried out transparently and fairly. This article is used with permission from the copyright holder, SIPP Investment Platform. PAGE 14

16 For more information about our SIPP or any of our other services please contact us by at: BW SIPP LLP is a limited liability partnership registered in England & Wales. Registered No. OC Registered office: Cheapside House, 138 Cheapside, London EC2V 6BW. A list of members of BW SIPP LLP may be inspected at the registered office. BW SIPP LLP is authorised and regulated by the Financial Services Authority. Barnett Waddingham MARCH 2012 BW11008

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