Pensions Terms and Conditions

Definitions

IPSE - The Association of Independent Professionals and the Self-Employed Ltd, a company registered in England and Wales, number 03770926, with registered offices at Heron House, 10 Dean Farrar Street, London, SW1H 0DX.

Aegon -Aegon Investment Solutions Limited providers of Pension product.Contributions- Means any payment into your Pension product ISA – Individual Savings Account as regulated by HMRC and provided by Aegon.

Member – A person who is currently a member or life member of IPSE, as defined in the articles of association of IPSE.

Pension - Account and Services provided provided by Aegon

Product Wrappers - Specific product (please refer to your product to identify which specific product is relevant to you) provided by Aegon within which you can buy, sell and hold a variety of available investments and cash and to which Aegon’s Terms and conditions apply

SIPP – Self-invested personal pension provided by Aegon. A self-invested personal pension is a specific type of UK personal pension that offers customers a wide choice of assets in which to invest, as opposed to just a selection of insured funds.

The Service – The assistance Aegon provide for you and your adviser to manage your investments within your product wrappers; it may also include other services that Aegon provide within, or related to, your product wrappers.

We, Us , Our – IPSE.

You, Your, Yours – The IPSE member who owns or is applying for the Pension Product

Where appropriate words referring to males include females and vice versa.

 

This document is for descriptive purposes only and is subject to all the eligibility provisions and all other terms, conditions and limitations of the Product Wrapper issued by Aegon.

 

Please note Aegon supplies supplementary documentation in regards to their product.

Section 1: Product wrapper

1a: The role of IPSE and Aegon

IPSE provide access to the pension scheme and process scheduled monthly payments.

Aegon provides the Product wrapper

Neither IPSE nor Aegon give any advice in relation to your Pension product, using the Service, or any investments that you hold with in your product wrapper. The fact that particular products, investments, investment-planning tools, or any other features are made available does not constitute advice or imply that they are suitable for you. You should always seek suitable advice before purchasing a product, using the Service, and investing.

1b: To use the Service

In making your application, you agree that you will be responsible for any losses and/or expenses we incur that are due to any untrue, misleading or inaccurate information given by you, or on your behalf, either now or in the future in relation to that application and the product wrapper that you are applying for.

1c Methods of application

To open a product wrapper, the relevant application must be completed: by you, if you have the relevant level of access to do this. IPSE will transfer your information to Aegon for you when we have a fully completed application in a format determined by IPSE and receipt of a fully and correctly completed Direct Debit instruction, Aegon will then open a product for you.

 

Section 2: Contributing to your product.

2a Maximum and Minimum payments

A monthly minimum contribution of £1 is required to maintain the monthly contribution via IPSE; failure to complete payment for a full calendar month may result in Pension contributions cessation.

Contributions are permitted into an ISA subject to HMRC maximum yearly subscription limits. Current limits are available at hmrc.gov.uk

IPSE sets its maximum regular monthly SIPP contribution limit at £3333.33. You are responsible for making sure you do not breach the SIPP subscription levels, which for each tax year are available on hmrc.go.uk.

Your SIPP may be liable to a tax charge where they exceed the annual allowance imposed by HMRC. You are responsible for monitoring your pension savings against the annual allowance. If you have any concerns or questions then you should check with your adviser.

2b Monthly payments

Regular contributions must be paid by Direct Debit and will be initiated following receipt of a fully and correctly completed Direct Debit instruction.

SIPP monthly payments amounts are set by you (Minimum £1- Maximum  £3333.33) and actioned for collection upon receipt of a fully and correctly completed Direct Debit instruction via your IPSE Dashboard. It is your responsibility to make sure that there is sufficient cash within your cash facility to make any payments due to be made.

Payments are taken by direct debit at monthly intervals.

IPSE are not responsible or liable for any loss or costs incurred as a result of a Direct Debit payment being rejected by your bank or the incorrect initiation of a bank transfer (BACS, Faster Payments or CHAPS) to our bank account. Following the failure of a Direct Debit, IPSE will not attempt to re-present the instruction to your bank and it is your responsibility to ensure a monthly payment is made to Aegon. Subsequent failure of a Direct Debit will result in pension contribution cessation.

2c Transfer to pension account

Due to the method of payment and to reduce risk of error in payment logging, it may take up to 30 days from receipt of payment for contribution to appear in your Aegon account.

Section 3: Managing your investments

3a Payment provider

Upon sign up to a Pension wrapper the payments received are recorded as company contributions (from the Member’s company) and not the individual member, regardless of bank account used. If a member is making personal contributions to the pension using the IPSE monthly direct debit this must be communicated to IPSE in writing and will not be verified as occurring until an acknowledged in a written format is issued to the relevant Member.

3b Nominee services

IPSE does not provide advice for investment of funds, nor hold information on the management of funds. Any relevant nominee services are dictated and instructed by Aegon, please contact Aegon for details.

3b Cessation or change of services

The product is only available to active IPSE members, cessation of IPSE membership will result in Pension contribution cessation.

The monthly contributions may also cease due to :

  • Failure to make payment.
  • On request of the member to which the pension belongs

If pension contributions ceases, the pension account may be reviewed with Aegon for further management.

Withdrawal of funds must adhere to conditions outlined by Aegon.