Third party SIPP on the 7IM Platform

Your clients can access the 7IM SIPP or third party SIPPs on the 7IM Platform.

While the 7IM SIPP will cater for most clients needs, there may be occasions where you want or need to use a specialist SIPP provider instead, such as:

Holding commercial property or land - the rental income or other available money can still be invested on our platform
Holding other non-tradeable assets such as private company shares or deposit accounts with the other tradeable assets held on our platform
Handling Defined Benefit (DB) transfers which cannot go into the 7IM SIPP

If the SIPP provider you wish to use is not on the SIPP providers list, please get in touch with us.

You must contact the SIPP administrator to obtain illustrations, application forms, and any other documents necessary to open the account. The third party SIPP must already be open before the 7IM account can be opened.

Opening

Complete the 7IM (third party) pension account opening form. Send the completed form to postroom@7im.co.uk with supporting ID and address documents.

Application form

Funding

To fund the SIPP or to set up a regular contribution, speak to the SIPP administrator. The SIPP administrator will transfer the money to us and you will be able to invest via the 7IM Platform. If you set up a regular contribution, you will be able to set up an automatic investment of these contributions on the 7IM platform.

Regular Contribution FAQ

Withdrawals

Please request withdrawals with the SIPP administrator, 7IM will send the money to them. Who will process the withdrawal along with any crystallisation events. Please make sure there is sufficient cash in the 7IM account to cover any payments to the SIPP administrator and place any fund sales where necessary.

Adviser fees

Initial and ongoing adviser fees on 7IM accounts linked to third party SIPPs can be paid either by 7IM, from the cash within the 7IM account, or by the SIPP administrator. If paid by 7IM, 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.

Transfers

Please request any pension transfers directly with the SIPP administrator who will process these.

Cash from transfers can be sent to us by the SIPP administrator for you to invest via our platform.

The SIPP administrator will contact us in respect of any in-specie transfers and we will then liaise with the existing pension provider or custodian to transfer the underlying assets. You will be able to monitor the progress of these in-specie transfers by logging into our platform.

Reporting

All pension accounts linked to third party SIPP administrators will be included in the client’s quarterly statements and visible on the 7IM Client Portal and 7IMagine app.