Retirement benefit solutions

Suitable for consolidating existing pension plans, that are not under the Pension Freedom Scheme (PFS) regime.

The key features of MFPT 1989 SIPP are:

• Access to a pension commencement 30% tax-free lump sum
• Able to take benefits from 50 years (can be 55 in some circumstances)
• Tax relief available on contributions up to £50,000 per annum
• Capable of receiving transfers from UK pensions
• HMRC Recognised Overseas Pension Scheme (‘ROPS’) registration is already in place for all UK transfers into the scheme

Under the Pension Freedom Scheme (PFS) legislation, this provides greater flexibility on how benefits can be accessed.

The key features of MFPT PFS SIPP are:

• Access to a pension commencement 40% tax-free lump sum
• Able to take benefits from 55 years
• Tax relief available on contributions up to £50,000 per annum
•  Not suitable for transfers from UK pensions or defined benefit schemes

There is no limit to the number of SIPPs that one person can hold. Please be aware that there are annual and lifetime limits relating to how much you save tax efficiently in pensions.

There are different age limits for our MFPT SIPPs:

• MFPT 1989 SIPP up to the age of 75
• MFPT PFS SIPP there is no upper age limit

As a client of MFPT, your funds are held in trust with MFPT’s chosen supplier. MFPT does not hold any client funds on account.

MFPT will confirm the initial and ongoing charges to you based on your requirements and will not act without receiving approval from you. Details of all charges can be found in the fee schedule – please note exit fees may apply.

No, you do not have to choose funds. If you have appointed an IFA, they will be able to do this for you.

Yes, it is possible to have a SIPP alongside a workplace or private pension. When accessing your SIPP and pension (s), please be aware that you will pay tax on any income received.