Self Invested Personal Pension for GPs

Are you looking for a plan that provides flexibility of investment and how you take your pension benefits?

A Self Invested Personal Pension (SIPP) provided by Wesleyan Bank could be the answer. Designed to help you save for retirement and it gives you the flexibility to choose how and when you take your retirement income. It offers a wide range of investment options including Unit Trusts and stocks and shares.

With the Wesleyan Bank SIPP you can also invest in commercial property on your own, or with others. The types of property you can choose are wide ranging and might include medical premises, or office accommodation for example.

To find out more about SIPPs and whether one would be the right choice for you, contact your local Financial Consultant. Alternatively leave your details and we'll call you.

Things you should know

Investment

The minimum single investment in the SIPP is £50,000. However, if you wish to take tax-free cash or an income from your SIPP at the start, the minimum investment (after any tax-free cash has been taken) is £100,000.

The minimum regular contribution is £750 per month (or £9,000 per annum) – however, if you pay an initial contribution (or transfer funds from another pension into the Wesleyan SIPP ) of at least £50,000, the minimum regular contribution is only £250 each month (or £3,000 per annum).

HMRC sets a maximum amount that you can pay into your plan in any tax year and receive tax relief. You can pay £50,000 or 100% of earnings into all of your pensions, whichever is lower. For further details please refer to the Key Features document at the bottom of this page.

Policy benefits

You can take a tax-free lump sum and an income from the SIPP at any time after age 55 even if you are still working. Withdrawing money before you are 55 is only possible if you retire due to ill health. The value of the investment may be lower than expected if benefits are taken earlier than initially projected, or if contributions are stopped.

Tax benefits

You will recieve Income Tax relief on eligible contributions. Basic rate tax relief is claimed directly from HRMC and applied to your plan. If you're a higher or additional rate tax payer you can claim any entitlement to extra relief through self-assessment.

For more information regarding tax on this product, please read the Key Features document below.

The final plan value is dependent on how much is paid in, the investment period, how well the investments perform and charges.

Costs/charges

Wesleyan Bank charges for administering your plan and these will differ depending on the investments you hold in the Wesleyan SIPP and/or whether an immediate income is required. Further information on the charges is available from your Financial Consultant.