7IM Self Invested Personal Pension (SIPP)

Payments made to 7IM by bank transfer will be available to invest quicker than those sent by cheque.

Bank: ROYAL BANK OF SCOTLAND
Sort Code: 16-00-15
Account Number: 16294767
Account Name: 7IM Trustees Limited
Payment reference: {7IM SIPP reference}

Cheques

Cheques should be made payable to 7IM Trustees Limited with the client's 7IM SIPP account number on the back and posted to 7IM, 1 Angel Court, London EC2R 7HJ.

Please note that we won't apply the cash to the 7IM SIPP account until the cheque clears.

Existing pensions held elsewhere can be transferred to a 7IM SIPP either in-specie (also known as re-registering) or in cash. You can include the transfers in the online application pack. Where possible, we will transfer cash electronically using the Origo system. You should send us a completed discharge form from the ceding scheme where you are transferring in-specie, as we may need to send this to the ceding scheme. You will be able to monitor the progress of every transfer in the assets in transfer section of our platform.

We can accept transfers from schemes that have a right to a retirement age of 55. This portion of the 7IM SIPP will retain that retirement age while the rest of the pension will be subject to the Normal Retirement Age (NRA). We can also transfer plans resulting from a pension sharing order as well as inherited plans in beneficiary drawdown. We cannot accept transfers from a Defined Benefit scheme.

On the death of the SIPP member, we will include the client’s expression of wish in the decision-making process. It is therefore important to include this in the online application pack.

It is common when completing an expression of wish (EOW) form to include small (typically 1%) allocations to children or grandchildren, in addition to the main allocation to a spouse, so that they are named on the EOW to enable them to potentially receive beneficiary flexi access drawdown in the event that both the member and spouse dies.

This can cause problems where the spouse is alive to inherit the pension from the member as the EOW still has the children’s allocation on it reducing the amount the spouse inherits.

However, under the 7IM SIPP, we have a clause in the expression of wishes, which states:

“In addition to any specific nominations above, I nominate for the purposes of the relevant tax legislation any individual who is eligible to receive a lump sum on my death, so that the 7IM SIPP can offer drawdown to them as an alternative.”

There is, therefore, no need to expressly name children/grandchildren on the EOW form for them to benefit from drawdown. Just make sure that the EOW has been completed otherwise this clause will not have been agreed to.

For more about the process of settling a client’s death benefits, please read our guide.

If clients contribute more than their available annual allowance (including any carried forward allowance), they may be subject to a tax charge from HMRC. Clients can request that 7IM pay this tax charge directly to HMRC from the cash in their 7IM SIPP. This is known as voluntary scheme pays. Please contact us if you wish to do this.

• Please ensure there is sufficient settled cash in the account to cover any income and/or tax-free cash payments.
• If you are using our Standing Investment Instruction tool to automatically invest a cash transfer, and there is a withdrawal required, please include a sufficient allocation to cash in the SII to prevent all the cash getting invested which could delay the withdrawal.
• Any sales need to have settled or transfers need to have completed at least 10 business days before your chosen payroll date (1st, 8th, 15th, or 22nd).
• Please allow 20 working days before the payroll date for any regular sales to be set up. If requesting a regular withdrawal to start later than this, please ensure there is enough cash for the first withdrawal as there won’t be enough time to set up and execute the sales. The regular sales will then apply for the next withdrawal onwards.
• To avoid any potential delay, please send us a copy of your client’s nominated bank statement in case we are unable to verify their bank account electronically.
• For new income payments, we will assume emergency rate tax code unless you can send us a P45 for the current tax year or a completed HMRC Starter Checklist.

• 7IM SIPP New Contribution Form
• 7IM SIPP Repeat Contribution Form
• 7IM SIPP Existing Income Amendment Form
• 7IM SIPP Pension Income Form
• 7IM SIPP Tailored Drawdown
• 7IM SIPP Taking Benefits Form
• 7IM SIPP Additional Transfer Form
• 7IM SIPP Expression of Wish Form
• 7IM SIPP Transitional Tax-Free Amount Certificate – Application Form
• 7IM SIPP Settlement of Death Benefits Guide
• 7IM SIPP Fees & Charges
• 7IM SIPP Key Features