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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.

New clients

Existing clients

Allowances for 2021/22 tax year

  • Standard Lifetime allowance is £1,073,100
  • Annual contribution allowance is £40,000
  • Minimum tapered annual allowance is £4,000
  • Money purchase annual allowance is £4,000

New clients

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, 55 Bishopsgate, London EC2N 3AS.

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.

Reporting

All 7IM SIPP accounts will be included in the client’s quarterly statements and visible on the 7IM Client Portal and 7IMagine app.

7Imagine AS 01

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.

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, 55 Bishopsgate, London EC2N 3AS.

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.

Reporting

All 7IM SIPP accounts will be included in the client’s quarterly statements and visible on the 7IM Client Portal and 7IMagine app.

Client Portal Appetiser

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

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 (1st or 15th).

Crystallised pensions

Clients with a crystallised 7IM SIPP can:

  • Take a pension income lump sum
  • Start or amend regular pension 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 (1st or 15th).

Q A
Contact us

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

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.

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