7IM Self Invested Personal Pension (SIPP)

We launched the 7IM SIPP in 2018, making it easier for advisers to invest in a SIPP on the 7IM Platform.

Existing clients

SIPP allowance for tax year 2023-24 is £60,000. Lifetime Allowance for tax year 2023-24 is £1,073,100 (Please note that this will be abolished from 2024). Money Purchase Annual Allowance (MPAA) for tax year 2023/24 is £10,000.

New clients

Opening

You can use our online application tool to open a new 7IM SIPP for clients quickly and without any paper. We have a video on how to do this for your clients.

View video guide

Funding

Clients or their employers can fund a new 7IM SIPP account by making lump sum or regular contributions using the payment details below. All funding should be included in the online application. Tax relief on net member contributions will be added immediately.

Withdrawals

The 7IM SIPP has a wide range of options for clients wishing to access their pension, including our phased Tailored Drawdown. You can include crystallisation instructions as part of the online application which will automatically generate a Taking Benefits form. To take an income from crystallised funds you will need to complete our Income Amendment form.

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Adviser fees

You have complete flexibility over how you take your fees and can choose whether you want percentage or fixed fees for both initial and ongoing. You can even set different rates and structures for different sub accounts.

Payment details

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.

Transfers

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. You will be able to monitor the progress of every transfer by logging into our platform. We cannot accept transfers from a Defined Benefit scheme.

Existing clients

Clients who already have a 7IM SIPP account can make further member or employer contributions within their annual allowance. If a client wishes to make use of a previous year’s annual pension allowance, in addition to their current year allowance, then please confirm the details of this when sending us the relevant contribution form. 7IM will credit tax relief immediately on all relevant net member contributions so you will be able to invest the full gross amount.

First time member contribution

Clients can complete the below new member contribution form. Use the payment details below to send the money to 7IM. The minimum top-up is £1000. If the existing account has an active Standing Investment Instruction set up, then the contribution plus any tax relief will be invested automatically.

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First time employer contribution

A client’s employer can complete the below employer contribution form. Use the payment details below to send the money to 7IM. The minimum top-up is £1000. If the existing account has an active Standing Investment Instruction set up, then the contribution will be invested automatically.

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Repeat contribution

You can complete the below repeat top-up form on behalf of the client. This can be used for either member or employer contributions. Use the payment details below to send the money to 7IM. The minimum top-up is £1000. If the existing account has an active Standing Investment Instruction set up, then the contribution plus any tax relief will be invested automatically.

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Please note that all forms can be signed electronically by your client using a recognised e-signature system such as Docusign or Adobe sign.

Completed forms

Once you have completed the relevant form, please send it to the email address below.

postroom@7im.co.uk

Payment details

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.

Bed & SIPP

Please contact us if you wish pension contributions to be funded from a GIA or ISA with 7IM. You will need to complete one of the aforementioned contribution forms. You will also need to ensure that there is sufficient cash with any sales settled by this date as we cannot action an in-specie contribution.

Withdrawals from the 7IM SIPP

Uncrystallised pensions

Clients with an uncrystallised 7IM SIPP can crystallise some or all of their pension assets to:

Take tax-free cash lump sum only
Take tax-free cash lump sum and income
Use tailored drawdown to set up regular crystallisation of tax-free cash lump sum/income
Purchase a Secure Lifetime Income

To request a withdrawal, complete a Taking Benefits form and email to postroom@7im.co.uk at least 10 business days before your chosen payroll date (1^st or 15^th).

Crystallised pensions

Clients with a crystallised 7IM SIPP can:

Take a pension income lump sum
Start or amend regular pension income
Purchase a Secure Lifetime Income

To request a withdrawal, complete an Income Amendment form and email to postroom@7im.co.uk at least 10 business days before your chosen payroll date (1^st or 15^th).

If you have any questions about the 7IM SIPP, speak to your 7IM contact or our SIPP administration team.

sippenquiries@7im.co.uk

Important information

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 or 15th).
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.

Useful forms and documents