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7 February 2008
The SIT SIPP
A Self Invested Personal Pension (SIPP) has recently been added to the product range of SIT Savings Ltd, the wholly-owned subsidiary of The Scottish Investment Trust PLC.
The SIT SIPP provides:
- an extensive choice of investments, including The Scottish Investment Trust (SIT) – enabling you to tailor the investment combination in your pension to suit your particular needs and objectives
- flexibility - allowing you to choose from a number of contribution and investment options, including real-time online dealing, and letting you stop and start contributions and investment as and when it suits
- tax-efficiency - allowing you to take advantage of the tax incentives currently available.
Sherry-Ann Sweeting, Marketing Manager, SIT Savings Ltd, says:
"The SIT SIPP offers choice, flexibility and control to help you invest for your retirement – whether you are just starting to contribute to your pension or are approaching retirement.
"Like other SIPPs, The SIT SIPP offers flexible retirement income options. Not everyone wants to retire at the same time, nor do they necessarily want to retire in order to start taking pension benefits. The SIT SIPP allows people to choose when they want to take pension benefits. They can choose to take an income from part of their pension fund and, if they so wish, continue to invest their pension fund in a tax-efficient manner beyond their retirement.
"There is no charge to set up a SIT SIPP. The flat rate annual fee and low transaction charges make for a very competitive charging structure."
List of investments
The SIT SIPP enables clients to choose from a comprehensive range of investments, including:
- Equities listed on the FTSE 100, 250 and FTSE All-Share
- Shares in Investment Trusts
- Alternative Investment Market (AIM) stocks
- Exchange Traded Funds (ETFs) also known as Tracker Shares
- Units in a wide range of authorised UK unit trusts
- Shares in UK Open Ended Investment Companies (OEICs)
- Gilts
- Corporate fixed and convertible bonds
- CREST Depositary Interests (CDIs)
- Warrants in UK shares settled in CREST
- UK convertible and cumulative preference stock
- Certain international stocks traded on the London Stock Exchange International Retail Service (IRS) which are quoted and settled in sterling
You can contribute to The SIT SIPP even if you are already an active member of an employer's pension scheme or are contributing to other pension plans.
Your spouse or partner, children or grandchildren could have a SIT SIPP and, even if they are not earning, take advantage of tax relief on contributions of up to £3,600 gross each tax year. Currently, if you contributed £2,808, £792 would be claimed from HM Revenue & Customs on your behalf and paid into your SIPP.
SIT offers several routes to application. Investors can apply by downloading the application form available on the SIT website (www.sit.co.uk), or request the information pack by contacting SIT on 0800 42 44 22 or by asking their IFA.
The value of investments and any income from them can go down as well as up and cannot be guaranteed. This means you may not get back the amount you originally invested. Past performance may not be repeated and is no indicator of future performance. Please remember that The SIT SIPP may not be able to provide you with the pension you expect at your chosen retirement date. Even when contributions are maintained, there is no guarantee that a target benefit will be met. The tax benefits and governing law for SIPPs may change in the future. If you are unsure as to whether The SIT SIPP is a suitable pension product for you, you should contact an appropriate independent adviser.
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