SIPP - Structure
Depending on the type of provider, the scheme will have at least a Provider, Administrator and, under trust-based schemes, a Trustee. These roles may be filled by one company or a combination of companies and individuals.
The scheme administrator carries out the day-to-day running of the SIPP, for collecting and recording your contributions to the SIPP. An official Administrator (which can be the same company) also reports to the Revenue, for example when claiming tax relief on your contributions to the SIPP.
The trustee owns the assets in the SIPP; purchases and sales are made in the trustee's name, so that these transactions enjoy the tax-protection of the SIPP.
Actual investment decisions can be made by the policyholder or by an investment manager.
- What do the terms ‘closed architecture’ and ‘open architecture’ mean?
Some providers restrict investments to a range of pre-selected funds, often just their own. These arrangements are called ‘closed architecture’. A scheme with ‘open architecture’ offers a wider investment choice.
Q & As
